ATLANTA (March 1, 2017) | Sen. Michael Williams (R – Cumming) today led the passage of Senate Bill 147, which will allow cemeteries to request that income from a perpetual care trust fund be distributed according to unitrust distribution method provisions. This will permit cemeteries and cemetery companies to use up to four percent of the net fair market value of the trustees perpetual care trust funds for maintenance of cemetery grounds.
“Generally, perpetual care trust funds, which are used to maintain cemetery grounds, are income based so the funds collected are invested into bonds or other interest bearing accounts,” said Sen. Williams. “Unfortunately, due to interest rates being so low right now, there is a shortfall in amount needed to maintain the property versus the amount of money coming in. Providing cemeteries and cemetery companies with the ability to move these funds to a unitrust will allow them to make up the deficiency and will provide them with more options to invest in more profitable accounts.”
Senate Bill 147 does not require cemeteries to move their funds into a unitrust fund, but provides them with the ability to do so if they choose. SB 147 passed the Senate and will now move to the House of Representatives for consideration.
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For Immediate Release:
March 1, 2017
For Information Contact:
Ines Owens, Acting Director
Brittany Wagner, Communications Specialist
Brittany.wagner@senate.ga.gov
404.656.0028