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2615.20.15 FUNERAL TRUSTS A valid irrevocable Indiana funeral trust is an exempt resource regardless of the value of the trust. Indiana's funeral trust statute is found at I.C. 30-2-10 et seq. and applies to funeral trusts established on or after July 1, 1982. I.C. 30-2-9 et seq. is applicable to funeral trusts established after June 30, 1978, but before July 1, 1982. A funeral trust may be valid if there is written evidence of the terms of the trust bearing the signature of the settlor or the settlor’s authorized agent. All funeral trusts must be reviewed to determine that it is valid and irrevocable in accordance with the criteria specified in the applicable statute. The value of the trust must also be verified. If questionable, the funeral trusts can be submitted to PAL for review. If an irrevocable trust is created but is not exempt per policy, then it should be reviewed for a potential transfer of property penalty (see IHCPPM 2640.10.05). Interest earned on an irrevocable trust is also exempt if the interest accrues to the principal of the trust. A funeral trust established in a state other than Indiana must be evaluated in terms of that state's laws. 2615.20.21 DEATH BENEFITS (MED 1, 4) Death benefits, including gifts and inheritances, received by an individual, to the extent that they are not income because they are to be spent on costs resulting from the last illness and burial of the deceased, are not resources for the calendar month following the month of receipt. However, such death benefits retained until the first moment of the second calendar month following their receipt are resources at that time.29 2615.20.20.05 BURIAL PLOTS (MED 2) A burial plot for each participating member of the AG is exempt. This includes a conventional gravesite, crypt, mausoleum, or any other type of repository. 2615.20.20.10 BURIAL PLOTS OR SPACES (MED 1, 4) A burial space or agreement which represents the purchase of a burial space held for the burial of the individual, his or her spouse, or any other member of his or her immediate family is an exempt resource, regardless of value. This includes a conventional gravesite, crypt, mausoleum, urn, or any other type of repository.