A few weeks ago, we posted on the Wisconsin Master Trust and the smaller operator’s need for legislation. The Milwaukee Journal Sentinel reported this past week that the Association filed a motion with the court seeking to suspend the investment returns promised to consumers. The Association is quoted as having told the court that the
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Informing the Consumer (and the Industry)
By Bill Stalter on
The need for better preneed oversight is obvious, but regulators often lack resources and expertise. The state of Connecticut made headlines recently for the decision to make budget cuts by de-regulating the death care industry*. Connecticut funeral directors challenged the decision, and the state issued a ‘clarification’ and withdrew the plan. (That’s correct, the…
Preneed Reporting: drilling down to each consumer
By Bill Stalter on
For most Illinois funeral homes, March 15th is the due date for the filing of their preneed data with the Comptroller’s office. For those funeral homes that bolted from the IFDA after the master trust melt down, this has been an extremely frustrating process. The majority of funeral homes must file on line, with supporting…
An Educational Process
By Bill Stalter on
Missouri is one of the few states that does not impose a continuing education requirement for funeral directors. Where continuing education is required, the state funeral director association typically sponsors programs that satisfy the CE requirements, and provides revenues needed to supplement the association’s budget needs.
The passage of SB1 has provided the Missouri Funeral…
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…
Diversity comes at a price: too many boxes
By Bill Stalter on
For the past several years, most preneed sellers were more likely to have been audited by the IRS than their state funeral or cemetery regulator. That will likely change in the next year or two for operators in a Midwest state.
The common response to an IRS audit would be to throw the relevant records…
Early Audit Warning: Fees and Assessments
By Bill Stalter on
It seems paradoxical to see preneed regulators ramping up audit programs while state budgets are being slashed to the bone. Yet, several I-70 corridor states will soon implement new preneed audit programs.
Missouri’s preneed funeral audits will be funded out of a combination of license fees and preneed contract fees. Missouri’s new cemetery law did…
Texas Preneed Reform
By Bill Stalter on
In terms of the toxic NPS fallout, Texas ranks a close second to Missouri. In response, the Texas Department of Banking has released a legislative proposal aimed at closing what it perceives are the loopholes in Chapter 154 of the Texas Finance Code.
To facilitate discussion of the issues with death care operators, insurance companies and fiduciaries…
Tennessee’s Preneed Legislation: the cost of doing business
By Bill Stalter on
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…