Sec. 1. 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;

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  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.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.
(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).]

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

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