The one thing you need the most in planning your funeral is honesty. Honesty about death, about your funeral wishes, and honesty from the funeral director. It takes courage to think about death and your funeral. You also need the courage to find an honest funeral director and strength to keep that person honest.
This is the lesson learned from the Illinois Funeral Directors Association Ponzi Scheme The IFDA was not honest about the where they were putting the money. They kept funeral directors in the dark as to what was going on with the money. They did not “notify the folks” (policyholders) as to the fact that the their money invested in insurance policies as is required by law. A letter to the editor at the State Journal Register sums it up this way:
“Since an increasing number of Americans are pre-arranging their funerals (although not always pre-funding), they deserve to know exactly what will happen to any money they give their funeral director. If the current status of the IFDA fund is just the result of bad judgment, that’s one thing. However, if more is involved, then any corrective measures will certainly be aided by transparency — not translucency as you now have. (Perhaps we do need a bill similar to that proposed by Dan Brady from Bloomington.)”
Even the Six Funeral homes who have filed a lawsuit did not do their due dillegence and keep track of their customers money. If they had done right by their customers the problem may have been resolved years earlier. The Lawsuit led by Calvert Funeral Homes may not have been needed to be filed on the IFDA Preneed Trust. The very act of filing that lawsuit shows a lack of due dilligence with the folks money.
Honesty and trust are keys to coming in under the average cost of a funeral.
Funeral Cost/Funeral Industry blog by your funeral guy