Preneed: A Pandora's Box of Problems
The first record described in the proposed Missouri recordkeeping regulation could actually require preneed sellers to maintain three, maybe four, sets of journals:
(1) receipt and disbursement journals containing a record of deposits to and withdrawals from both preneed trusts and preneed joint accounts, specifically identifying the date, source, and description of each item deposited…
As alluded to in our prior post, the cemetery’s ability to deliver burial rights and merchandise prior to death complicates the preneed transaction. In a post, we labeled this the ‘bucket factor’ (Cemetery Preneed Oversight: the bucket factor). In addition to burial spaces, cemeteries can deliver markers, monuments, vases, urns, outer …
The U.S. Government Accountability Office (GAO) released its latest report on the state of state regulation of the death care industry. As it did in 2003, the GAO selected a handful of states to review in depth, and Illinois was one of those states for 2011 report. The Illinois review is set out …