Posts Tagged ‘ponzi’

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Funeral Preneed Or Funeral Prepay, please think twice it is not a good idea! The NPS preneed funeral scam, the Illinois Funeral Directors Association preneed ponzi scheme, and now the California Funeral Directors association Scandal all are reasons enough to avoid the purchase a prepaid funeral. It all comes down to one word  “Thief”.

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“Funerals have become big business and corporate managers are working hard to squeeze out every last dollar. One of the most profitable and apparently compassionate products they’ve developed is the “pre-need” funeral package – basically, the prepaid funeral.
Industry-wide abuse and government regulation

Salespeople tout these plans as wonderfully beneficial, but in the past few of decades, horror stories abounded. The families of deceased purchasers of prepaid funerals would be surprised by invoices for items not covered by the preneed contract – things like the services of a funeral director, a substitute casket, or even the cost of opening and closing the grave itself and actually burying the remains.

Many states responded with more or less consumer-friendly legislation, and today there’s a much higher degree of regulation over the industry. In some states, for instance, funds used for prepaid funerals must be placed into a trust under the consumer’s control. Many states also require funeral directors to advise purchasers of all the services and equipment their prepaid funeral contract will not cover.”via consumereducation.suite101.com

Funeral Industry|Funeral News| Funeral Bog by Your Funeral Guy


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Monday, July 12th, 2010
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"Preneed" Prearrangement Conference where Funeral Insurance or Trust is sold.

Included here is some basic information on Prepaid Funerals also known as funeral insurance, funeral trusts and preneed.Paying for funerals this way can be high risk as seen  recently In Illinois(Illinois Funeral Directors Association Preneed  Ponzi Insurance Scheme) and in the Multi state National Prearranged Services  (NPS) pre need  theft.

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“Some nursing homes require a funeral trust as a condition of admission.
At best, funeral trusts afford your heirs priceless peace of mind.
At worst, the assets are raided or unavailable for their intended use.

Funeral trusts allow people to pay funeral expenses in advance, and that can spare survivors a lot of difficult decisions, say advocates. Some nursing homes even require a funeral trust as a condition of admission. But if the trustees aren’t reputable or the information isn’t current, financial planners warn that such trusts can bring bereaved families more grief.

The Internal Revenue Service defines a funeral trust as “a ‘pooled income fund’ set up by a funeral home or cemetery to which a person transfers property to cover future funeral and burial costs.” They’re often referred to as “pre-need programs.” via www.bankrate.com

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Wednesday, April 7th, 2010
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The consensus seems to be that there should be one agency regulating Funerals and Cemeteries in Illinois. This is a good thing. The not so good thing is that it may be a while before the regulation is put into place. The Governor in the State  wants  the Illinois House Task Force on the Illinois Funeral Directors Association(IFDA)Ponzi Scheme to  have hearings and report first.

For Cemetery and Funeral Regulation to Occur in Illinois-Put it all in one agency

For Cemetery and Funeral Regulation to Occur in Illinois-Put it all in one agency

From the State Journal Register in Springfield, IL:

“IT SEEMS to be almost unanimous: The Illinois comptroller should not be in charge of regulating the state’s cemeteries. Instead, regulatory authority should be placed solely in the hands of the state Department of Financial and Professional Regulation.”

But Illinois  Governor Patrick Quinn does not want Funeral or Cemetery reform until after January 2010.

Funeral Industry| Funeral Blog by Your Funeral Guy.

More information here: Funeral Cemetery Fraud should go right to the Prosecutor-Your Funeral Guy


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