The following information applies to Long Term Care staff in reference to Irrevocable Burial Contracts.
There has been a change in policy interpretation on prepaid irrevocable burial contracts in regards to Policy 317: 35-5-41.2(f)(1) ITS 7.
The previous policy interpretation regarding having a specified burial contract to account for funds in excess of $10,000 in a prepaid irrevocable burial contract for recipients of Long Term Care has been revoked. There is no maximum amount that can be in an irrevocable burial contract. Additionally, there is no longer a requirement for a specified burial contract regardless of the amount as long as the funds are in an irrevocable burial contract and there is a prepaid burial contract and irrevocable election. An irrevocable assignment is also a required form if the irrevocable burial contract is funded all or in part by an insurance policy.
(f) Irrevocable burial contract. Oklahoma law provides that a purchaser (buyer) of a prepaid funeral contract may elect to make the contract irrevocable. The irrevocability cannot become effective until 30 days after purchase. For an irrevocable contract to be valid, the election to make it irrevocable must be made by the purchaser (owner) or the purchaser’s guardian or an individual with power of attorney for the purchaser (owner).
(1) The irrevocable contract shall not be considered a countable resource. • 7
- There is no maximum face value to receive the irrevocable prepaid burial policy or contract exclusion. As long as it is irrevocable it is excluded.
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