Forest Hills’ preneed consumers were hoping for news of retribution, but Clayton Smart’s anticipated plea bargain was put on hold. If news reports are accurate, authorities from Tennessee (and perhaps Michigan and Indiana) have their sites on the individual(s) who facilitated the transactions that eventually left preneed trusts and permanent maintenance trusts depleted.
April 2010
Missouri’s 30 Day Notice
By Bill Stalter on
Missouri’s funeral industry has been given 30 days to submit proposals for revisions to the preneed law that went into effect last August 28th. By email, the State Board has provided the guidelines for submitting changes that will then be discussed by the Board at public hearings to be held in June. The Board has…
Regulatory Intervention: the Kansas plan
By Bill Stalter on
Posted in Cemeteries, Legislation
The Topeka Capital-Journal has identified the essence of the Secretary of State’s plan for Kansas cemetery regulation: addressing cemetery problems before the trusts go upside down.
There are two types of cemetery trusts: perpetual care trusts and preneed trusts. Perpetual care trusts (or permanent maintenance trusts) provide the cemetery crucial funding for mowing, and the…
Investment Restrictions: who’s guaranty?
By Bill Stalter on
The Springfield Journal-Register recently reported that Illinois’ Cemetery Oversight Task Force made a recommendation to restrict preneed trusts to investing in government-backed securities. While its difficult to actually find that recommendation in the Task Force’s report, it is not a bad idea for the consumers who purchased a non-guaranteed preneed contract. However, that type of restriction would hinder funeral homes that offer guaranteed contracts.
The…
Missouri Legislation: a final expense trust
By Bill Stalter on
The General Laws Committee of the Missouri Senate will hold a hearing this Wednesday (April 7th) on SB 1025. This bill provides hope to many small, rural funeral directors who would rather avoid the preneed transaction and the regulatory morass of SB1.
The bill would add a new Section 208.010.5 whereby individuals seeking to…