The staff for the Missouri State Board of Embalmers and Funeral Directors released the revised preneed renewal reports this week, and those revisions include a few new additional requirements. Those requirements include a seller providing a ‘no tax due’ letter, proof of corporate status and any ‘doing business as’ filings. However, the new requirement
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Missouri Preneed Seller Renewal: Trick or Treat?
By Bill Stalter on
The licenses required to sell or service preneed in Missouri must be renewed annually, with the deadline for filing the required paperwork falling on October 31st. Technically, these licenses expire on Halloween unless the State Board staff has renewed them by that date. But, it is human nature to procrastinate, and many licensees wait until…
The Comptroller’s Annual Report: a broken trail
By Bill Stalter on
This blog commented a few weeks ago on Dan Hynes’ failure to follow through on his own legislation. Since that post, the new Comptroller revised the Annual Report to eliminate references to self-trusted funds. However, funeral homes that transferred out of the IFDA master trust will still find the report difficult to complete.
The Comptroller’s…
Preneed Contract Forms: Worth The Paper They’re Written On?
By Bill Stalter on
With the exception of a few states, each form of preneed funding has its own statutory requirements. Consequently, different contract forms are required for each method of preneed funding. So, what does this mean for the consumer worried about the safety of funds paid to the funeral home or cemetery.
Among the pecking order of…
Getting to know your banker: Missouri’s Joint Accounts
By Bill Stalter on
Posted in Missouri - SB1, Preneed
Missouri preneed law (past and present) authorizes three forms of funding: trusts, insurance and joint accounts. Of the three, joint accounts have been used by many rural funeral homes that did not want the hassles of trusts and insurance. But with new reporting requirements, these funeral homes are on the clock to pull together information…
Illinois: the initial insurance premium is coming due
By Bill Stalter on
The Comptroller’s Office mailed out letters to funeral homes last week advising how to report the first contribution to the Pre-Need Funeral Consumer Protection Fund. The letter tracks the first few paragraphs of the “Senate Bill 1682 Information” page from the Comptroller’s website.
The funeral home letter includes two documents: a Fee Payment…