They say that the devil is in the details, and that is proving true for the Obama definition of the “rich” (those families that earn more than $250,000) and the plan to fix the budget. The IRS provided some detail to the Obama plan last December when it published a proposed regulation that would increase
Non-guaranteed preneed: time to review the duties
The financial fallout from the failures of NPS and IFDA regarding compliance with state and federal laws has accelerated the decision of many funeral directors to switch to the non-guaranteed preneed contract. That non-guaranteed contract represents a fundamental change in the relationship that is established between the consumer, the funeral home and the preneed fiduciary.
Section 685 – Removing the Cap
The National Funeral Directors Association has taken the lead in getting legislation introduced to eliminate the dollar cap imposed on qualified funeral trusts. While I hope the NFDA succeeds, it won’t be without a fight from the IRS.
As the death care industry inches towards the non-guaranteed preneed transaction, the IRS will express its concerns over abusive trusts. …