What is Perpetual Care?
What exactly is perpetual care? It is money set aside from the sales of the cemetery to maintain the cemetery and both crypts and lots over time. That money is placed in an irrevocable trust which is overseen in Kentucky by the Attorney Generals office. The principle cannot be touched, only the interest off of that principle which is earned from investments in government bonds.
Every cemetery in the state of Kentucky must start out by having a deposit into a perpetual care fund of at least 20,000, 30,000, or 50,000 dollars depending on local population. The fund will be paid into for each sale of lots, mausoleums, columbarium crypts and below ground crypts in the amounts of 20%, 5 %, 5%, and 10% respectively according to the gross selling price of each grave space and crypt.
According to the Attorney Generals office for the
Commonwealth of Kentucky, perpetual care is money set aside from cemetery sales
to pay for the upkeep of the cemetery items described in subsection (2)(a) of
the below section. The principal amount will
be “invested in government bonds and only the interest may be withdrawn and
used for the future care and maintenance of such items, and to accomplish this
purpose shall cause to be established in a financial institution authorized by
law to administer trust funds, or in any other financially sound entity with
the prior written approval of the Attorney General, an irrevocable trust fund
to be known as a perpetual care and maintenance fund. The income of such funds
shall be used solely for the general care, maintenance, and embellishment of
the cemetery, except as otherwise provided herein”.