Indiana Code 12-14-19-1. Exclusions for irrevocable trusts, prepaid funeral agreements, and life insurance policies
(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;
Terms Used In Indiana Code 12-14-19-1
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(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).]
As added by P.L.2-1992, SEC.8. Amended by P.L.128-1999, SEC.18.