The earliest form of preneed consisted of a depository account at the local bank. Often, the paperwork included a statement of goods and services describing the individual’s preferences. The account was set up so that the funeral director could access the account upon the consumer’s death. The statement of goods and services would then be
joint account
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…
Missouri’s Preneed Funding Agents: You want what?
By Bill Stalter on
Posted in Missouri - SB1
Missouri’s preneed seller renewal forms include reports regarding each contract that is funded either by a trust, a joint bank account or an insurance contract. What may not be apparent to both funeral homes and funding agents is the requirement under SB1 that the funding agent attest to the accuracy of the information set out…
Missouri Legislation: a final expense trust
By Bill Stalter on
The General Laws Committee of the Missouri Senate will hold a hearing this Wednesday (April 7th) on SB 1025. This bill provides hope to many small, rural funeral directors who would rather avoid the preneed transaction and the regulatory morass of SB1.
The bill would add a new Section 208.010.5 whereby individuals seeking to…
Bad Paper: Missouri’s looming audit dilemma
By Bill Stalter on
Posted in Missouri - SB1, Preneed
The Missouri Funeral Director and Embalmer Association provided crucial support to the passage of Senate Bill No. 1, but the heart of the association’s membership, the mom and pop operators, may now be second-guessing that decision.
SB1 provides regulators the authority to audit or examine preneed trusts and joint accounts, including those established prior to…
Start Preparing a Plan
By Bill Stalter on
Posted in Missouri - SB1, Preneed
In May 2009, the American Funeral Director editorial advised that fixing preneed has to be a cooperative effort, and that the industry needs to agree upon a plan before attempting to legislate a fix. In that same month, the Missouri legislature passed a ‘fix’ to the NPS abuses that incorporated provisions from a mixed bag…