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Supplemental Security Income – Burial Funds

Social Security Income Burial Funds are basically designed to help you set money aside to pay for your funeral expenses.

The “ins and outs” of the scheme do vary from state to state so it is always advisable to contact your local Social Security Office or visit the SSA online to learn more about burial funds.

It’s easy to put off this type of thing but it really is worth finding out as much as you can now, the sooner the better, after all – you never know when you might need it!

What Is A Burial Fund?

A burial fund consists of monies set aside to pay for burial expenses. For example, this money can be in a bank account, other financial instruments, or a prepaid burial arrangement.

Some states allow an individual to prepay their burial by contracting with a funeral home and paying in advance for their funeral. You should discuss this with your local Social Security office.

Does A Burial Fund Count As A Resource For SSI?

Generally, you and your spouse can set aside up to $1,500 each to pay for burial expenses. In most cases, this money will not count as a resource for Supplemental Security Income (SSI).

If you (and your spouse) own life insurance policies or have other burial arrangements in addition to your $1,500 burial funds, some of the money in the burial fund may count toward the resource limit of $2,000 for an individual or $3,000 for a couple.

Does Interest Earned On Your (And Your Spouse’s) Burial Fund Count As A Resource Or Income For SSI?

In a word, no. Interest earned on your (or your spouse’s) burial fund that you leave in the fund does not count as a resource or income for SSI and does not affect your SSI benefit.

How Can I Set Up A Burial Fund?

Any account you set up must clearly show that the money is set aside to pay burial expenses. You can do this either by:

  • titling the account as a burial fund; or
  • signing a statement saying
  • how much has been set aside for burial expenses,
  • for whose burial the money is set aside,
  • how the money has been set aside, and
  • the date you first considered the money set aside for burial expenses.

What Happens When You Spend Money From A Burial Fund?

If you spend any money from a burial fund on items unrelated to burial expenses, there may be a penalty.

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