§ 12-14-19-1 — Exclusions for irrevocable trusts, prepaid funeral agreements, and life insurance policies

If an applicant for or recipient of assistance
under Title XVI of the federal Social Security Act (42 U.S.C. 1381 et
seq.):
(1) establishes one (1) irrevocable trust that has a value not
greater than one thousand dollars ($1,000) exclusive of interest
and is established for the sole purpose of providing money for the
burial of the applicant or recipient;
(2) enters into an irrevocable prepaid funeral agreement that has
a value not greater than one thousand dollars ($1,000);
(3) owns a life insurance policy with a face value not greater than
one thousand dollars ($1,000) and with respect to which provision
is made to pay not more than one thousand dollars ($1,000)
toward the applicant's or recipient's funeral expenses; or
(4) receives a Holocaust victim's settlement payment;
the value of the trust, prepaid funeral agreement, life insurance policy,
or Holocaust victim's settlement payment may not be considered as a
resource in determining the applicant's or recipient's eligibility for the
assistance.
[Pre-1992 Revision Citation: 12-1-7.2-2(a).]

Legislative History

As added by P.L.2-1992, SEC.8. Amended by P.L.128-1999, SEC.18.