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IL Estate Planning Blog

Tuesday, July 31, 2018

How Prepaid Funeral Plans, Contracts, and Burial Spaces Impact Medicaid Assets

How Prepaid Funeral Plans, Contracts, and Burial Spaces Impact Medicaid Assets

 

Funds in a revocable prepaid funeral or burial contract, or in a bank account owned by the person clearly

identified as a burial fund, are exempt up to $1,500 from counting as Medicaid Assets. Funds in an irrevocable prepaid

funeral or burial contract are exempt up to $6,220. Exceptions to the above plans

include any portion of a contract that clearly represents the purchase of "burial space"

as per the Supplemental Security Income program is exempt regardless of value. In

addition, a prepaid, guaranteed price funeral or burial contract funded by an

irrevocable life assignment of a person's life insurance policy to a trust, is exempt;

however, among other requirements, a statement must be included that, upon death,

the State will receive any excess money remaining in the trust (up to the total amount

of assistance paid on behalf of the person).



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