BURIAL FUND (AAM)

SR 96-02 Dated 01/96 Previous Policy

____________________________________________________________

A burial fund is any separately identifiable fund designated for burial expenses such as a burial contract, burial trust, or burial arrangement.

A burial contract is a written agreement between an individual and a business engaged in providing funeral services to pay for the individual ’ s funeral expenses.

Consider a life insurance policy a burial fund if the funeral director is the beneficiary of the policy and the policy is used as payment of a burial contract. If the funeral director is not the beneficiary of the policy, the policy is treated as life insurance. See Life Insurance .

Treatment: Countable Resource (See also Burial Fund Exclusion )

Exception : Treat irrevocable burial trusts as inaccessible excluded resources as long as there is a signed contract with the funeral home and the principal of the trust does not exceed the contracted amount.

loading…

BURIAL FUND (AAM)

Official source

BURIAL FUND (AAM)

SR 96-02 Dated 01/96 Previous Policy

____________________________________________________________

A burial fund is any separately identifiable fund designated for burial expenses such as a burial contract, burial trust, or burial arrangement.

A burial contract is a written agreement between an individual and a business engaged in providing funeral services to pay for the individual ’ s funeral expenses.

Consider a life insurance policy a burial fund if the funeral director is the beneficiary of the policy and the policy is used as payment of a burial contract. If the funeral director is not the beneficiary of the policy, the policy is treated as life insurance. See Life Insurance .

Treatment: Countable Resource (See also Burial Fund Exclusion )

Exception : Treat irrevocable burial trusts as inaccessible excluded resources as long as there is a signed contract with the funeral home and the principal of the trust does not exceed the contracted amount.