Section 50479 - Burial Funds(a) All of the following burial funds for an individual shall be exempt. (1) Money or securities placed in an irrevocable trust for funeral, cremation, or interment expenses with the following trustees: any banking institution or trust company empowered by the State of California to act as trustee in the handling of trust funds, cemetery authority which has established an endowment care fund, or not less than three persons one of whom may be in the employ of a funeral director.(2) Money or securities placed in an irrevocable trust created by the deposit in an insured savings institution made by one person of his or her own money in his or her own name as trustee for a funeral director to provide payment for funeral services rendered by the funeral director upon the depositor's death.(3) Life or burial insurance purchased specifically for funeral, cremation, or interment expense, which is placed in an irrevocable trust or which has no loan or surrender value available to the recipient.(4) Securities issued by a licensed cemetery authority which by their terms are convertible only into payment for funeral, cremation, or interment expenses.(b) The first $1,500 paid for designated burial funds for funeral, cremation or interment expenses for an individual shall be exempt when the fund is revocable.(c) Designated burial funds include burial trusts, prepaid burial contracts, burial insurance, annuities or any separately identifiable assets which are clearly designated as set aside for the expenses connected with the individual's burial, cremation, or other funeral arrangements.(d) Interest earned on or appreciation in value of either an exempt burial fund described in subsection (a), above or revocable designated burial fund described in subsections (b) and (c), above shall be exempt if it is left to accumulate and become part of the separately identifiable burial fund.(e) The amount of designated burial funds which are not exempt shall be included in the property reserve.Cal. Code Regs. Tit. 22, § 50479
1. Amendment filed 3-7-80 as an emergency; effective upon filing (Register 80, No. 9). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 7-6-80.
2. Certificate of Compliance filed 6-6-80 (Register 80, No. 23).
3. Amendment filed 5-29-91; operative 6-28-91 (Register 91, No. 31).
4. Amendment of section heading, section and NOTE filed 10-25-95; operative 11-24-95 (Register 95, No. 43). Note: Authority cited: Sections 10725 and 14124.5, Welfare and Institutions Code. Reference: Sections 11158 and 14006, Welfare and Institutions Code; Section 1396 a(r)(2), Title 42, United States Code; and Sections 416.1201 and 416.1231, Title 20, Code of Federal Regulations.
1. Amendment filed 3-7-80 as an emergency; effective upon filing (Register 80, No. 9). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 7-6-80.
2. Certificate of Compliance filed 6-6-80 (Register 80, No. 23).
3. Amendment filed 5-29-91; operative 6-28-91 (Register 91, No. 31).
4. Amendment of section heading, section and Note filed 10-25-95; operative 11-24-95 (Register 95, No. 43).