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2003 SESSION

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SB 1261 Preneed funeral contracts through irrevocable trusts.

Introduced by: Charles R. Hawkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Preneed funeral contracts through irrevocable trusts. Clarifies that preneed funeral contracts executed through an irrevocable trust are not revocable and, therefore, qualify as a resource exclusion under Medicaid or other federal or state needs-based assistance programs. The bill creates an exception to the law that preneed funeral contracts shall be subject to termination if a person establishes an irrevocable burial trust, or an amount in an irrevocable trust that is specifically identified as available for burial expenses, where (i) a person irrevocably contracts for funeral goods and services, such person funds the contract by prepaying for the goods and service, and the funeral provider residing or doing business within the Commonwealth subsequently places the funds in a trust; or (ii) a person establishes an irrevocable trust naming the funeral provider as the beneficiary; however, such person shall have the right to change the beneficiary to another funeral provider. This bill is identical to HB 2418.


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