The preneed bill that angered the Funeral Consumers Alliance in February continues to advance within the Tennessee legislature. SB 2705/HB 2763 has been placed on the calendar for the Commerce Committee for April 1st. If passed, the legislation may well make Tennessee the first state to lower its preneed trusting requirement. Despite the need for
Fiduciary
Death Care Reform Indiana Style: Fiduciary Alert!
By Bill Stalter on
It’s always an ugly scene when a party to a fiduciary relationship gets caught with his/her hand in the cookie jar. Unfortunately, this has been happening with alarming frequency in the death care community, and Indiana has had enough. In a relationship that requires mutual cooperation, the death care industry has taken the position that "someone should have…
Maryland’s Proposed Preneed Protection Fund: all things considered
By Bill Stalter on
It must be spring: preneed reform bills are sprouting like crocus.
The direction taken by the Maryland and Tennessee legislatures in proposing protection funds drew recent criticism from the Funeral Consumers Alliance. While consumer advocates have some valid points regarding these legislative efforts, the obstacles facing states are far more complex than what most…
Grandview Memorial Gardens: Round up the suspects
By Bill Stalter on
The families of those buried at Grandview Memorial Gardens are angry. First they are advised that the trusts meant to fund future burials and the care for those graves are not properly funded. Next, they learn that some of the cemetery’s gardens have a problem with grave spaces flooding with water. When Indiana regulators and…
Deductibility of Investment Advisor Fees
By Bill Stalter on
Posted in Fiduciary, Preneed Tax
Whether it is because of state law restrictions or preneed purchaser demographics, death care trusts have unique requirements when it comes to investments. Consequently, it is fairly common for a death care trust to utilize an investment advisor who has experienced with the industry. However, the deductibility of the fees paid to outside advisors by…
Get Smart! The Missing Fiduciary
By Bill Stalter on
The Clayton Smart debacle has been, and will continue to be, the subject of articles calling for preneed reform. A recent AARP article titled R.I.P. Off will be one of the more controversial (leading to frequent citations by consumer advocates). While the article is biased and should be rebuked by the death care industry for its various…