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Requirements Under Section 453(12) of the General Business Law:

Requirements Under Section 453(12) of the General Business Law:

In December 2019, the “Preneed Trust Accountability Act” was signed into law. This law requires any entity holding preneed funds – such as banks, credit unions and funeral trusts – to abide by a higher, uniform set of best financial practices. Specifically, these entities have to undergo an annual audit which will provide more financial information to consumers (and funeral homes) about their preneed accounts. Here is a list of requirements:

12. A preneed administrator operating under this section shall conduct an audit of all of its accounts relating to preneed agreements as of the thirty-first of December of each calendar year. The audit shall:
    (a) Be performed by a certified public accountant licensed to practice in New York state;
    (b) Be completed and delivered to the preneed administrator within one hundred twenty days of the end of such calendar year;
    (c) Verify, by way of a representative sample, that the preneed administrator has a signed copy of the agreement for each account;
    (d) Verify, by way of a representative sample, that appropriate income tax  reports have been sent by the preneed administrator to the owner of each account;
    (e) Verify that the investment of all funds for the agreements is in compliance with this section;
    (f) Verify, by an appropriate sampling method, that the earnings on the investments are being properly applied to each account and that the earnings are credited to each account at least monthly;
    (g) Express an opinion that the financial statements of the preneed administrator fairly represent the financial condition of the funds received in all material respects, and that all financial information distributed by the preneed administrator to consumers, funeral homes  or other parties is accurate; and
    (h) Verify that the stated yield credited to the account for that fiscal year, as announced by the preneed administrator, is accurate.

Printing Grantor Trust Tax Statements

Printing Grantor Trust Tax Statements

A Step-by-Step Guide

All funeral homes registered to use our website, www.preplan.org, have the ability to print a duplicate tax statement for their consumers. The following is a step-by-step guide:

  • Click on the STATEMENT tab
  • Click on the TAX STATEMENTS link (located on the left side navigation menu)
  • Search for the contract using the available options
  • Click the SELECT link next to the contract number of the individual
  • Select the YEAR and TYPE OF STATEMENT (Abbreviated: same as mailed to consumer | Full Statement: listing fiduciary and advisory fee information)
  • Click GET STATEMENTS to download

Please consult the website after December 31 for more information regarding the date tax statements will become available online. Please note tax statements for the past three (3) years can be viewed or printed. Consumers will also have access to their tax statements once available. Please direct the account holder to the CONSUMER tab above. Upon log-in, they will be able to download their tax statement.

Tax Q&As

Tax Q&As

Q&A Grantor Trust Tax Information Statements

Q: The consumer lost their tax statement. Can I have another copy mailed to them?
A: Yes. The funeral home may call or e-mail a PrePlan administrator and we will mail out a second copy. The Funeral Home or consumer may also log-in above to download the tax statement. Click here for step-by-step instructions.

Q: What are the fiduciary and advisory fees listed on the preneed agreement for?
A:
As with any trust in New York State, Preplan is permitted by law to expend up to three quarters of one percent of the balance in the fund to provide the necessary services to operate and staff the trust. This is one of the lowest fees in the nation. In addition, a minimal advisory fee is also paid for the expert investment advice given to Preplan for the direct benefit of its customers. These terms are fully disclosed in the preneed customer agreement provided to all consumers.

Closing Schedule

Closing Schedule

2022 Closing Schedule

Friday, December 31 – New Years’ Day (observed)

Monday, January 17 – Martin Luther King Jr. Day

Monday, February 21 – Presidents’ Day

Friday, April 15 at 1pm – Good Friday

Friday, May 27 at 3pm – Memorial Day

Monday, May 30 – Memorial Day

Monday, June 20 – Juneteenth (observed)

Monday, July 4 – Independence Day

Friday, September 2 at 3pm – Labor Day

Monday, September 5 – Labor Day

Thursday, September 8 at 3pm – Staff Development

Monday, October 10 – Columbus Day

Friday, November 11 – Veterans’ Day

Thursday, November 24 – Thanksgiving

Friday, November 25 – Day after Thanksgiving

Monday, December 26 – Christmas (observed)

Contact

Contact

Questions?

Email preplan@preplan.org

Account questions?

For specific questions regarding your preneed trust account, please contact the funeral firm who set up your PrePlan account.

For any other questions or comments please complete the form below and a PrePlan Administrator will follow up with you.

PrePlan Funeral Trust 2022. All rights reserved.