How does New York State protect preneed funds compared with other states?
Trustees: Consumers in New York who prefund their funerals have their money protected by what are truly the strongest preneed laws in the nation. These laws require that 100% of such funds be deposited in an interest-bearing, government backed trust account where the principal and interest earned remain the property of the consumer. The purchaser remains in control of the preneed account. If the account is revocable, a purchaser may request a full refund of the principal and interest earned at any time, for any reason, without penalty. The purchaser may also select a new funeral home at any time. New York State law also mandates full disclosure to the consumer by requiring that written statements be sent containing information on the funds deposited to date, where they are deposited and interest earned. Under New York State law, applicants or recipients of Medicaid or Supplemental Security Income (SSI) may set aside funds in an irrevocable trust account for the sole purpose of paying t
