While most state funeral director associations sponsor a master preneed trust for their members, we cannot find a single state cemetery association that sponsors a master care fund trust for its members. With attendance at cemetery association conventions declining, we are seeing a trend where multiple state associations are banding to create larger regional associations.
cemetery care funds
The Plight of Cemetery Care Funds: Is the Fiduciary to Blame?
By Bill Stalter on
Cemetery owners have two choices for their care fund trust: the local bank or the national bank that solicits death care trusts.
When the local bank is used, the care fund is typically administered like an estate planning trust. The bank’s compliance office may be unfamiliar with the applicable state cemetery law and its restrictions…
The Plight of Cemetery Care Funds: Who’s to Blame?
By Bill Stalter on
The care fund trust is a source of frustration for most cemetery operators. Rather than offsetting maintenance expenses, the care fund is a state-mandated money pit. A percentage of grave sales must be deposited to trust with little or no income being paid back to the cemetery by the trustee. For the average-sized care fund…