IC 12-14-19
    Chapter 19. Valuation of Certain Resources for SupplementalAssistance

IC 12-14-19-1
Exclusions for irrevocable trusts, prepaid funeral agreements, andlife insurance policies
    Sec. 1. If an applicant for or recipient of assistance under TitleXVI of the federal Social Security Act (42 U.S.C. 1381 et seq.):
        (1) establishes one (1) irrevocable trust that has a value notgreater than one thousand dollars ($1,000) exclusive of interestand is established for the sole purpose of providing money forthe burial of the applicant or recipient;
        (2) enters into an irrevocable prepaid funeral agreement that hasa value not greater than one thousand dollars ($1,000);
        (3) owns a life insurance policy with a face value not greaterthan one thousand dollars ($1,000) and with respect to whichprovision 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 insurancepolicy, or Holocaust victim's settlement payment may not beconsidered as a resource in determining the applicant's or recipient'seligibility for the assistance.
As added by P.L.2-1992, SEC.8. Amended by P.L.128-1999, SEC.18.

IC 12-14-19-2
Resources used in determining eligibility for assistance
    Sec. 2. (a) If:
        (1) an applicant for or recipient of assistance under Title XVIof the federal Social Security Act (42 U.S.C. 1381 et seq.) ownsresources described in section 1(1), 1(2), or 1(3) of this chapter;and
        (2) the total face value of the resources exceeds one thousanddollars ($1,000);
the value of the resources greater than one thousand dollars ($1,000)may be considered as a resource in determining the applicant's orrecipient's eligibility for the assistance.
    (b) However, a Holocaust victim's settlement payment received byan eligible individual may not be considered as a resource indetermining the applicant's or recipient's eligibility for the assistanceunder this section.
As added by P.L.2-1992, SEC.8. Amended by P.L.128-1999, SEC.19.