News broke last fall that Wisconsin's Funeral Trust was broke. Risky investments brought the fund down, way down, down past the point to ensure 100% payment on monies deposited by consumers. In raw numbers, it had $48 million, but $70.7 million in obligations.
Since an investigation has commenced as well as a court appointed receiver. News this week indicates that in a proposed settlement in the funeral trust, consumers will receive the full services they paid for. Funeral homes are not required to sign on to the agreement, and have until September 30, 2013 to do so.
While all of this sounds favorable, one glaring question rings in my ears -- what options are there for those who had not yet created a funeral trust, but want or need one? Answer is unknown to me, so I'll email John Wirth, the attorney appointed by the court to be the receiver. Check back for an update!
Author's note: my posts here have been sporadic because I have been devoting substantial writing time to a book that will be released Fall 2013. Watch for details on my first publication, Middle Class Philanthropist: How Anyone Can Leave a Legacy.