Mrs. Brown has a $1,000 savings account which she wants to designate for burial. She already has a life insurance policy with a face value of $500, irrevocable burial trust of $1,000, and a contract for burial space items of $1,000. Her eligibility for designated burial funds is calculated as follows:
|
Maximum designated burial amount |
$1,500 |
|
Minus irrevocable burial trust |
-1,000 |
|
Minus life insurance face value |
- 500 |
|
Available for designated account |
0 |
Mrs. Brown is not eligible for a designated burial account.
All irrevocable burial trust money, irrevocable burial insurance, and the face value of life insurance must be deducted from the maximum designated amount to determine if there is eligibility for a designated burial fund. Contracts for burial space items are not deducted.
(Rev. January 1, 1991)