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

Indiana § 12-14-19-1

• Jurisdiction: Indiana
• Art. 14: FAMILY ASSISTANCE SERVICES
• Ch. 19: Valuation of Certain Resources for Supplemental

Text

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.