We start our review of the case against the Missouri Funeral Trust with the procedural issues raised in the State Board’s Complaint and MFT’s Answer. From the Answer, we learn that the preneed financial examination was initiated on January 20, 2011. But, it was almost three years before an examination report was sent by
Missouri’s Funeral Consumer Board: Another Step Closer
With the support of the Missouri Funeral Directors and Embalmers Association, The Funeral Consumer Board Bill (HB 596) was voted out of committee last week with a crucial amendment. As reported in our January 19th post, Rep. McGaugh wants a preneed regulator that is more responsive to the consumer. The Representative’s
Missouri’s Longest Preneed Audit: Continued until October
After five months of trading Complaints and Answers, the Missouri State Board of Embalmers and Funeral Directors and the Missouri Funeral Trust have been assigned an October hearing date before the Administrative Hearing Commission. The dispute between the State Board and the MFDEA’s master trust program has been waging for years over issues such as
Missouri Financial Exam Documents: Insurance Policies
The financial examination records sought by the Missouri State Board of Embalmers and Funeral Directors two bullet points directed at insurance funded arrangements:
- A current statement from any/all applicable insurance companies with which you have insurance-funded preneed contracts for each active preneed contract
- A current listing of any other insurance assignments which require insurance funded
Churches: Conversation Sabbath
Churches from different denominations are observing “Conservation Sabbath” from November 11th through the 20th. In 2010, a faith-related initiative titled the “The Conversation Project” was initiated by journalist Ellen Goodman. The Conversation Project is dedicated to helping people talk about their wishes for end-of-life care. Their website states:
A Treasury Market Out of Whack: Preneed Insurers and Preneed Sellers
In our last post, we used Allan Sloan’s article on the Treasury bond market to highlight the investment exposures to death care trusts. Today we will look at how the Treasury market is also impacting funeral homes that rely upon insurance for preneed funding. Mr. Sloan’s article alluded to insurance companies being required by statute
Missouri Preneed Tax Cut: The Contract Fee
Using its emergency rulemaking authority, the Missouri State Board of Embalmers and Funeral Directors reduced the state preneed contract fee from $36 to $25. The change is to go in effect on September 1, 2015, the first day of the next reporting period.
Preneed Trust: Is it the Consumer’s Funds?
Attorneys are currently arguing this issue before a Federal court in St. Louis. While the NPS civil trial does not begin for another six weeks, both the SDR and the defendant trustees want to resolve the question of who is a beneficiary of a preneed trust under Missouri law. The SDR is arguing that
A Legacy of Disgrace: the NPS Management Team
Randall K. Sutton, former President and CEO of National Prearranged Services, died in prison on December 8th. Accordingly to pleadings filed in the NPS criminal and civil lawsuits, Mr. Sutton played a central role in the company’s operations. Another pivotal player in the Cassity schemes, Howard Wittner, was recently released from Federal
Exploiting the Gaps In Chapter 436: NPS’ take on a preneed law
Over a three day span beginning December 17th, a Federal court in St. Louis will hear legal arguments from the NPS special deputy receiver and from banks that served as NPS trustees at some point during the past 30 some years. Initial legal briefs have been filed, and response briefs will be filed.