Late does not necessarily mean that the individual was deceased. The word can mean “formerly” or “used to be.” In these cases, it can mean that a person used to live in a certain area (think: former resident) or used to have a certain title, job, or occupation. The man in the illustration, Adam Rodgers “Late Captain of Company B,” used to be the captain of that unit but was no longer. If something indicates your ancestor, Jim Burialman was a “late undertaker of Coshocton County, Ohio,” it would mean that he used to be an undertaker in Coshocton County, Ohio. He could still be an undertaker working somewhere else or he could be living in Coshocton County and no longer working as an undertaker.
Whether he would be, as the saying goes, “late for his own funeral” is a separate issue.