Funeral Service & Cremation 
Alliance of Wisconsin

Funeral homes will have to cover some losses from troubled Wisconsin Funeral Trust

18 Oct 2012 3:42 PM | Anonymous
Consumers worried about being cheated out of death investments probably will get what’s coming to them, but their funeral home directors will get less than 70 cents on the dollar to cover their costs, the court-appointed receiver for the troubled Wisconsin Funeral Trust said Friday.

Thousands of Wisconsin residents who thought they had taken steps to afford their funerals by buying a low-risk investment that paid off at their death undefined and hundreds of funeral home directors who thought they had locked in customers for that very service undefined are in premature mourning.

The legal ax fell Sept. 14 on the under-performing Wisconsin Funeral Trust, a key product that the 500-member Wisconsin Funeral Directors Association (WFDA) promoted with blue-sky guaranteed returns of at least 1 percent over the going rate of a three-year certificate of deposit. The trust was found by the state Department of Financial Institutions (DFI) to be more than $20 million short of its expected balance, so a Dane County judge placed the trust into receivership.



Read more: http://host.madison.com/news/local/funeral-homes-will-have-to-cover-some-losses-from-troubled/article_ae59ad70-1581-11e2-a7ec-0019bb2963f4.html#ixzz29gYltASA
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