Preneed Insurance could pay two funerals instead of one|YourFuneralGuy

A Preneed Funeral Arrangement is a contract, it is not wise to participate

Funerals .org has outlined a funeral complaint about preneed insurance. Incredibly insurance premiums total more than twice the cost of a funeral. The Funeral industry needs to stand up and take note of this complaint.

This presents us with a concrete example of the Dangers of funeral preneed. Your Funeral Guy has seen first hand the horrors of the preneed company mentioned below and has refused to work for this  funeral preneed firm  firm

Another example of the financial dangers of prepaid funerals. This Iowa couple was shocked to discover they’d have to pay almost $28,000 in insurance premiums for funerals that would cost only $14,000. Read their complaint-

After sending more than $11,000 to Homesteaders Insurance over the past four years, we recently decided to see what the exact balance due would be. The funeral home told us to call the insurance company. We were shocked to learn from Homesteaders that we hadbeen locked into a 10-year payment plan at the rate of $230.83 a month. At that rate, we would have to pay $27,699.60, about double of what the actual funerals would cost.

via www.funerals.org

Funeral Industry|Funeral News|Funeral  Funeral Blog by Your Funeral Guy

California Funeral Directors Association has a Funeral Preneed Scandal Like Illinois?-Your Funeral Guy.

California may have a Preneed scandal like Illinois.

Revealed Here: California Has a Funeral Scandal like Illinois(IFDA).Recently the California Funeral  Directors Association said that Preneed (prepaid funerals) sales are down in a news report. What the spokesman  failed to be mentioned were disparities| deficits  in The California Master Trust, something that  California Funeral Directors Association  the CFDA operates.

Snippet from the News report- Current news Article.

Jack Jensen, public relations chairman of the California Funeral Directors Association, said that people aren’t buying expensive funeral plans as they were before.

“They just don’t have the money,” Jensen said. “Funeral homes have noticed that perhaps there are not as many customers as in the past.”

There is no “industry statistic” to measure the change in the number of people buying pre-paid plans but Jensen said that after speaking with other funeral directors “business has been off slightly.”

“People are scaling back,” Jensen said, with the industry appearing to have undergone a change nationwide because of the economy.

via www.ivpressonline.com

This is almost Deja Vue, the same deceptive keeping the press, the State, and the Funeral Directors  in the dark  just like the Illinois Funeral Directors Association did in their Ponzi Scheme. This Time it is happening in California . You Can Read About HERE

There is a good Summary of the Situation HERE

Funeral Industry| Funeral News blog by Your Funeral Guy.

Your Funeral Guy Top 10 Blog Posts of The First Decade Of the 21st Century

Your Funeral Guys’s Top Ten Blog Post of the first decade of the 21st century.

1.What Will They Be Drinkin at Your Funeral

Top Funeral Blog Posts from Your Funeral Guy

2Average Cost of a Funeral-Average Funeral Home

3.Your Three Steps To Your Low Cost Funeral

4.How Yourfuneralguy’s experience came to help you do a lower cost funeral!

5. Who Shot Funeral Preneed?-Your Funeral Guy

6.How Michael Jackson looked in the Casket-

7.No Low Cost Funeral: Princess Di–Embalmed without permission

8.My First Bucket List was done in High School

9. Your Funeral Guy: Disney World The Secret Place to….

10. An honest “Funeral Director” will always offer a Low Cost Funeral.

These are the top ten blog posts from the first decade of the 21st century from Your Funeral Guy Blogs!

Funeral Industry Funeral blog by Your Funeral Guy

update on Illinois Funeral Directors Lawsuits-YourFuneralGuy

FUNERAL DIRECTORS ASSOCIATION IN ILLINOIS LOST 59 Million

The Illinois Funeral Directors Association Lost 59+ million Dollars in a  Preneed Trust Ponzi Scheme. There are three lawsuits in this matter. Here is an update on the status of the Lawsuits from the IFDA’s perspective.

Last week the Executive director of the IFDA spoke up on the Illinois Funeral Directors Association Lawsuits.Duane Marsh Executive Director of the IFDA said that in the class action Lawsuit against the IFDA  by two women there is a motion to dismiss, he has been saying this for several weeks now.

In the Six Funeral Directors Lawsuit led bt Calvert Funeral Homes, Marsh said that negotiations are proceeding but going slowly.

In the Insurer lawsuit Marsh stated that in the Insurers lawsuit a brief has been filed. The Insurer of the Illinois Funeral Directors Association is seeking not to pay damages or legal fees in the Illinois Funeral Directors Association Lawsuits because of policy non compliance by th IFDA. Marsh also made a  Statement  on Comptroller of  the State of Illinois Dan Hynes.

Summary:

The Illinois Comptroller has demanded that the IFDA return to the IFDA Preneed Trust 10 million dollars in misappropriated Management Fees.

What all this means is there will be no LEGAL RESOLUTIONS to THE IFDA PRENEED PONZI SCHEME SOON.

This means there will be no immediate changes  Illinois Funeral Directors or Consumers Soon.

Funeral Industry|Funeral Industry Blog by Your Funeral Guy

Source: E- Mail from the IFDA, Executive Directors Statement.

Image-Source e-mail from IFDA

Funeral Mess in Illinois:Funeral Home Owner Speaks-yourfuneralguy

The Illinois Funeral Directors Association has been ordered to pay back 10 million to a funeral preneed trust fund.

Here is  a response  received from a funeral home owner  in Illinois to

Pay back 10 million: Order in Illinois Funeral Scandal-YourFuneralGuy.

The Illinois Funeral Directors Association may have a funeral because of a pre need funeral scam of 59 plus mil dollars..The Comptroller of the State of Illinois  ordered  the IFDA to pay back 10 million dollars.

Funeral Guy and Friends,

Detrimental news for IFDA. Where oh where will they come up with that kind of cash? Since none of us out here in IFDA that are Members have no idea of what the financial assets of IFDA are, this could be the straw that breaks the camel’s back. But maybe the “boys” have a little stash that we don’t know about. You know, a little bonus money from the trust earnings via the Taxable Trust side of the portfolio.

The real question I have for Mr. Hynes is why his office DID NOT take immediate action to shut the trust down in 2002 when they saw the $10 mil. deficit? And then allowing it to “hemorrhage” to $59 mil. (and accounts continue to do so as we speak, both tax exempt and the taxable trust were told was “safe”).

Folks reading the names of our illustrious past presidents need to understand that the “keyman” policies sold / purchased by Mr Schainker during the 1990’s, these gents would have been seated on the board as regional directors / officers at some point during that time.

Quite frankly, I’m becoming quite sick of seeing the Comptroller grandstanding on the issue with new consumer protection laws being steamrolled through the IL legislature when the the IL Funeral and Burial Funds Act needs a line by line overhaul.

Funeral Directors in the State have been angered at losses in Illinois Funeral Mess because it has had a negative effect on their bottom line.

Never mind what we didn’t do, Lets do something to appease the consumer advocacy folks and win voter confidence for the next round of elections. you gotta love it! You will find no argument from me that the “Act” needs updating, however an absolute catastrophe had to happen before anything was done.

For those of you reading this, the Comptroller wants ALL monies placed with a third party or independent trustee. In IL we get to manage up to $500,000.00 under a trustee license via the Comptrollers’ Office.

That is how the IFDA Trust got to grow to the size it did, because of the “cap”. The problem with this scenario is this. The monies at IFDA Services, Inc., better known as and presumably known to be an Independent Trustee albeit not properly licensed as we came to find out, did injury to the monies it was entrusted with. Those funds managed by us F.D.’s under our Trustee license with monies deposited in local banks went undamaged and held safely, BUT we will lose that right under changes being made to the “Act”.

Here is a suggestion for Mr. Hynes on what should be done with the $10 mil IF he gets if from IFDA. Disperse it to the F.H.’s that incurred damage from the writedowns on funerals that have been performed since last September. That would relieve some of the pain that has been inflicted and absorbed by the F.H.’s. Then by the time the Calvert group gets done with the lawsuit that hopefully will be settled favorable to the funeral trust holders.

The next board of IFDA due to be seated and sworn in next month just might be in charge of making funeral arrangements for our once great association. I’m not sure at this point she can be saved. Arrangements pending?

A tip of the hat to the IFDA Staff for hanging in there during trying times and being assaulted / insulted with all sorts of vulgarity. No quitters that I’m aware of.

I think I’ll place my chips on a FEDERAL GRAND JURY indictment on several players to clear bring the full truth out on this whole mess. Lips are tight when I ask about a FGJ, but nobody denies it either.

Funeral Industry|Funeral CostBlog by Your Funeral Guy.

Opinions in this post are those of marsellusm710.

This post contains opinions that are not from your funeral guy. Your Funeral Guy has no connection to marsellusm710.

Greed and Betrayal | Illinois Funeral Scam-YourFuneralGuy

The Illinois Funeral Directors Association has lost the trust of it's members, the public and now the State Government. Greed and betrayal is the cause says the Illinois Comptroller. Illinois State Capitol Pictured.

The State of Illinois Comptroller has brought down the hammer in the Illinois Funeral Directors Association Scandal. The regulator has issued a must repay the letter, to the IFDA requiring the repayment of 10 million dollars to the IFDA Preneed Trust  The Trust is now  managed by Merrill Lynch.

It does not appear that the Illinois Funeral directors Association has the money($10 million dollars) but since the Associations Finances are a closely guarded secret we do not know. Those finances are held close to the vest by both IFDA Board members and the State of Illinois Comptrollers Office. IF THE IFDA FAILS MUCH OF THE  PRENEED FUNERAL INDUSTRY IN ILLINOIS may under go too quick of an overhaul.

The Illinois Comptrollers office, the Secretary of State in IL., and the Illinois Department of Financial and  Professional Regulation all are doing Investigations. There are rumors of a Grand Jury Investigation.

Summary from the Comptrollers Press Release:

Illinois Funeral Directors Association to repay 10 million.SPRINGFIELD, IL — Comptroller Dan Hynes is demanding the return of nearly $10 million in excess fees taken by the Illinois Funeral Directors Association in its administration of a trust fund intended to pay for consumer funerals.

Greed And Betrayal

“The IFDA was overcompensated by the trust,” Hynes said. “These excess management fees are a display of greed and a betrayal of the consumer trust that will not be tolerated. I am demanding that IFDA return the excess fees to the trust.” Hynes said his office found a significant shortfall in the IFDA Trust due in part to questionable investment practices and the excess fees taken by the IFDA. As a result of that discovery, Hynes’ office brought in outside auditors to review the findings and notified appropriate authorities.”

Sadly it appears that the the Illin1os Funeral Directors Association has lost the trust of State Government, it’s members and the Citizens of the State of Illinois.

Funeral Industry|Funeral Costs blog by Your Funeral Guy.

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