Death Care Compliance Law

Death Care Compliance Law

Preneed: A Pandora's Box of Problems

William Stalter is the founder of Stalter Legal Services and the Preneed Resource Company. Bill focuses his law practice on preneed and death care compliance, serving banks, funeral homes, crematories, and cemeteries. He has written multiple published articles

Tag Archives: manager

Missouri and the Investment Advisor: A Chinese Wall

Posted in Fiduciary, Funeral, Investments, Missouri - SB1, Preneed
Among the rule proposals suggested by the Division of Professional Registration to the State Board of Embalmers and Funeral Directors was the following definition of “External Investment Advisor”: any licensed, qualified investment advisor approved and authorized by the trustee of the preneed trust and who holds no personal interest in any assets of the preneed … Continue Reading

The NPS Criminal Trial: Vicarious Liability?

Posted in Fiduciary, Investments, Master Trusts, NPS/Lincoln, Preneed
David Wulf may stand alone in the crosshairs of the criminal prosecutors, but his fate will impact the NPS preneed trustees (and possibly other registered investment advisors who manage death care funds). Mr. Wulf had a situation that is unique from what existed in Illinois, Wisconsin, and Tennessee, but is familiar to other death care … Continue Reading

Coming This August: The Nuremberg Trial

Posted in NPS/Lincoln
 Once again, I have spoken too quickly. After lamenting to the Memorial Business Journal that the NPS plea bargains will deprive consumers and the industry the opportunity to hear how Doug and his crew perpetrated so many frauds, the sole remaining NPS defendant may grant my wish. As the Funeral Service Insider reports that Herr … Continue Reading

Michigan’s Plan: Target Date Investment Strategy

Posted in Fiduciary, Funeral, Investments, Preneed
I stand corrected. A representative of the Michigan Funeral Directors Association advises that their request for proposal for a new investment advisor for the master trust has resulted in the selection of a firm that will not only assume a true fiduciary relationship to funeral directors and consumers, but that will also guide the Association … Continue Reading

Master Trusts: Finding the Rails

Posted in Fiduciary, Guaranteed, IFDA, Master Trusts, Missouri - SB1, Non-guaranteed, Preneed, Trust Funded
Both the Memorial Business Journal and the Funeral Service Insider commented last week on the Milwaukee Journal Sentinel’s February 7th article regarding the former executive director of the Wisconsin Funeral Directors Association. Several issues were raised that should be included in future industry debate, and in particular, I would agree with Mr. Isard’s questions whether … Continue Reading

A False Sense of Security: the hold harmless for investment oversight

Posted in Funeral, Master Trusts, Preneed
We previously discussed how the funeral home or cemetery assumes most of a preneed trust’s investment risk when selling a guaranteed preneed contract, and therefore should be afforded a role in the trust’s investment decisions (Fund Managers: Is Your O&E Coverage Current?). But in that same post, we were careful to point out that there … Continue Reading

Preneed Fund Manager: Is your O&E coverage current?

Posted in Fiduciary, Master Trusts, Preneed
Many state preneed regulators share the point of view that the payments made toward a preneed contract belong to the consumer until the prearranged funeral is provided. This perspective was adopted by the California Attorney General in its Eighth Cause of Action brought against the California Funeral Directors Association and its Master Trust. The AG … Continue Reading