SB 365 – Allows $9,999 in an irrevocable trust for certain funeral expenses to not be considered an asset when determining eligibility for public assistance

• Sponsor: Goodman
• LR Number: 0134S.01I
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 3/28/2011 - Hearing Conducted S Financial and Governmental Organizations and Elections Committee
• Effective Date: August 28, 2011

Current Bill Summary

SB 365 - This act allows up to $9,999 to be set aside in an irrevocable trust designated to pay for funeral services, facilities, or merchandise, that is not part of a preneed funeral contract, without that trust being considered an asset when determining eligibility for public assistance. Any excess money after final disposition shall be paid to the state up to the amount of public assistance provided. Any money remaining after paying the state is paid to those designated in the trust.

This act is similar to SB 1025 (2010) and a provision within the perfected version of SB 1 (2009).

EMILY KALMER