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Value of Business Acquired, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items] |
Schedule of Value of Business Acquired | Information regarding value of business acquired was as follows: Schedule of Value of Business Acquired
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 9,803,736 |  |  | $ | 8,421,432 |
Value of business acquired |  |  | - |  |  |  | 2,136,085 |
Imputed interest at 7% included in earnings |  |  | 626,666 | (1) |  |  | 642,919 | (1)
Amortization included in earnings |  |  | (1,926,668 | )(1) |  |  | (1,907,250 | )(1)
Shadow amortization included in other comprehensive income |  |  | (36,121 | ) |  |  | 510,550 |
Net amortization |  |  | (1,336,123 | ) |  |  | (753,781 | )
Balance at end of year |  | $ | 8,467,613 |  |  | $ | 9,803,736 |
(1) |  | Included in Amortization of deferred policy and pre-need acquisition costs and value of business acquired on the consolidated statements of earnings
Schedule of Acquisitions Net Amortization Charged to Income | Presuming no additional acquisitions, net amortization charged to income is expected to approximate the following: Schedule of Acquisitions Net Amortization Charged to Income
2024 |  | $ | 1,219,496 |
2025 |  |  | 1,112,965 |
2026 |  |  | 1,030,635 |
2027 |  |  | 957,074 |
2028 |  |  | 833,216 |
Thereafter |  |  | 3,314,227 |
Total |  | $ | 8,467,613 |
Schedule of Goodwill by Segment | Information regarding goodwill by segment was as follows: Schedule of Goodwill by Segment
|  | Life Insurance |  |  | Cemetery/ Mortuary |  |  | Total |
Balance at January 1, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 2,765,570 |  |  | $ | 2,488,213 |  |  | $ | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Acquisition |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Acquisition |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  | $ | 2,765,570 |  |  | $ | 2,488,213 |  |  | $ | 5,253,783 |
Schedule of Carrying Value of Intangible Asset | The carrying value of the Company’s other intangible assets were as follows which is included in other assets: Schedule of Carrying Value of Intangible Asset
|  |  |  | December 31, |
|  | Useful Life |  | 2023 |  |  | 2022 |
Intangible asset - trade name (1) |  | 15 years |  | $ | 2,100,000 |  |  | $ | 2,100,000 |
Intangible assets - other (1) |  | 15 years |  |  | 210,000 |  |  |  | 210,000 |
Intangible asset - trade name (2) |  | 15 years |  |  | 610,000 |  |  |  | 610,000 |
Intangible asset - customer lists (3) |  | 15 years |  |  | 890,000 |  |  |  | 890,000 |
Less accumulated amortization |  |  |  |  | (807,333 | ) |  |  | (553,333 | )
Balance at end of year |  |  |  | $ | 3,002,667 |  |  | $ | 3,256,667 |
(1) |  | Rivera Funerals, Cremations and Memorial Gardens
(2) |  | Kilpatrick Life
(3) |  | Beta Capital Corp
Schedule of Estimate of Future Amortization for Other Intangible Assets | The table below summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the Company’s assumptions in its December 31, 2023 valuation of MSRs. The assumptions used in the following table are likely to change as market conditions, portfolio composition and borrower behavior change, causing both actual and projected amortization levels to change over time. Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2024 |  | $ | 390,131 |
2025 |  |  | 342,170 |
2026 |  |  | 306,597 |
2027 |  |  | 271,773 |
2028 |  |  | 242,596 |
Thereafter |  |  | 1,907,879 |
Total |  | $ | 3,461,146 |
Other Intangible Assets [Member] |
Finite-Lived Intangible Assets [Line Items] |
Schedule of Estimate of Future Amortization for Other Intangible Assets | The following table summarizes the Company’s estimate of future amortization for the other intangible assets: Schedule of Estimate of Future Amortization for Other Intangible Assets
2024 |  | $ | 254,000 |
2025 |  |  | 254,000 |
2026 |  |  | 254,000 |
2027 |  |  | 254,000 |
2028 |  |  | 254,000 |
Thereafter |  |  | 1,732,667 |
Total |  | $ | 3,002,667 |

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