Over the weekend news broke that the pre-paid funeral trust fund, marketed by the Wisconsin Funeral Directors Association is short $21 million! Currently under investigation by the Wisconsin Department of Justice and the Department of Financial Institutions, the fund is being viewed something like a Ponzi scheme because its assets may not cover the expenses of those consumers who paid into the fund.
Sold through local funeral homes, the fund allows consumers to to prepay for funerals and have costs covered upon death. It now appears that consumers initial payment may not be recovered.
This is a developing news story (two articles are linked below). If you or a loved one has paid into this fund, i advise you to follow the news and check back to this blog for updates.
Monday's story
Weekend story
Monday, September 17, 2012
Wisconsin's Pre-paid Funeral Fund Under Investigation
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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1 comment:
I think it is such a good idea to have a funeral prepaid for. I wouldn't want to leave my kids to have to go through all that trouble after I pass away. It would also be really hard to have to deal with all of that while grieving. http://www.leanneodea.com.au/
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