MADISON, WI (WTAQ) - A trust fund with advance payments from Wisconsinites for future burials has covered the cost of 500 funerals since going into receivership.
John Wirth, the court-appointed receiver for the Wisconsin Funeral Trust, said some of the costs of the trust have been reduced since going into receivership last year.
In a report to the Dane County courts, Wirth said over $2.3 million has been paid to cover over 500 prepaid funerals. That covered about 60 percent of the actual burial costs – and funeral homes paid for the rest in the hopes of getting paid back later.
In the meantime, Wirth said almost a half-million dollars was paid to trust administrators, and for various financial fees.
After Wirth became the receiver, he fired the Bluepoint investment firm as the trust’s money manager. And Funeral Directors Association director Scott Peterson was let go, after a shortfall of $20 million in the prepaid burial fund became known.
The fund was supposed to have $70 million – and it’s short around $23 million at last word.