Does a mortuary trust need to be held in custody by a funeral home? What kind of expenses can be paid with a mortuary trust?

ANSWER

The BIDaWIZ Team's Answer:

When a funeral home receives monies for a mortuary trust, it is typically held in money market funds or government issued securities. The funds in a mortuary trust can be used for expenses related to the funeral expenses, newspaper notices, cemetery or crematory charges, clergy honoraria, pallbearers, flowers, death certificates paid for by the funeral home. Please note that Mortuary trusts are exempt assets under MaineCare of up to $12,000. This means the asset does not count when determining financial eligibility.