Crowdfund To Bury Dad

Is crowdfunding the best way to pay for a funeral?

The New York Times covers this social phenomena now that the average cost of a funeral is about $10,000.

13% of GoFundMe campaigns were for burial costs in 2017 and “17 percent of adults aged 20 to 39 had used the internet to solicit or donate money for funeral-related arrangements.”

It’s gotten so prevalent that funeral homes are now getting waivers from the families in case something goes awry with the payments.

And fraud is increasing where families take the money and run or under report the amounts raised leaving the undertakers to eat the loss.

One guy called it the “modern day equivalent of a bake sale.”

https://www.nytimes.com/2018/06/05/business/funerals-crowdsourcing-crowdfunding-scams.html

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About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, balance, Charity, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, fraud, Funding Portals, Legislative Intent, Small Business and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

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