New Burial Exclusion & Designation Form ( current as of 2/1/2010) GPS— A Guided Practice Series presented by the OFI Education & Training Section use the left arrow to move backward use the right arrow to move forward To navigate: Open the Power Point in “Slide Show” view

Purpose of this training: Demonstrate the new Burial Exclusion & Designation Form The new “Burial Asset Exclusion & Designation” form replaces the old Burial Exclusion worksheet and the Form 985, Designation Form.

The form tells what figure to enter on a NON paid in full contract. Calculate the value of any burial contract. Carry (c) from section 1 and the totals from section 2 & 3 to the back of the form.

List all burial assets here Decide what to exclude & list that here. List here anything you could NOT exclude Have client or AREP sign if assets include a burial fund or burial contract

Ms. Haynes owns a burial contract with Carmichael Funeral home. She is making payments on the contract, so far she has paid $6800. The funeral home verifies that she has fully paid for her casket (valued at $2000) and her vault (valued at $550). No other burial space items are paid in full.

Ms. Haynes also has a burial fund, it is a $2000 CD.

Ms. Haynes owns a whole life insurance policy with a face value of $5000 and a cash surrender value of $231.

Now let’s look at the back of the Burial Exclusion & Designation sheet for Ms. Haynes.

Section 5: Decide what to exclude Ms. Haynes would need to sign this form since her assets include a burial contract and a burial fund. Section 4: List all assets We exclude the burial contract and the burial fund. Can’t exclude the life insurance because a whole life policy can’t be partially excluded. Section 6: List anything that could not be excluded.

INTERVIEW RESOURCES 1 - RES1 RES1 01 Month Client Name BEATRICE CLINE Client ID Do you have any of the following: cash, money loaned out, checking, savings, credit union, CD's, stocks, bonds, or secured notes? Del Type Amount V Acct Num Institution Name CH CS BANK OF AMERICA Do you have any of the following: life insurance, pre-paid burial contracts, real estate, or cemetery lots? Del Type Face Amt Cash Amt V Policy Num Company Name BC ? OT EXCLUDED BURIAL ASSETS More Message SHOULD THIS AMOUNT BE ZERO? 15-lett 23-alau 24-del Excluded assets on RES1

UPDATE REMARKS - REMA REMA 01 (In addition to other resource documentation) Burial Assets--Ms. Haynes owns: a burial contract at Carmichael Funeral Home valued at $6800 which includes $2550 in paid for burial space items– value is $4250 a burial fund (CD at Bank of America #319-4) valued at $2000 Life insurance policy # with General Life—FV $5000, CSV $231 Burial contract and burial fund excluded (total exclusion $6250), cash surrender value of insurance counted ($231) See signed Burial Exclusion & Designation Form 985 in CR MessageMore 13-bott Documentation behind RES1

INTERVIEW RESOURCES 3 - RES3 RES3 01 Month 11 XX XX 01 Client Name BEATRICE HAYNES Client ID Do you have any of the following: safety deposit box, business holdings, non- home consumption produce, livestock, or other valuables? Other Property Del Type FMV V Encumb V Annl Rate V Return OC OT More Message 15-lett 24-del Included assets on RES3 (If there’s a FS case these can be entered as “MO”)

UPDATE REMARKS - REMA REMA 01 (In addition to any other resource documentation) Burial Assets--Ms. Haynes owns: a burial contract at Carmichael Funeral Home valued at $6800 which includes $2550 in paid for burial space items– value is $4250 a burial fund (CD at Bank of America #319-4) valued at $2000 Life insurance policy # with General Life—FV $5000, CSV $231 Burial contract and burial fund excluded (total exclusion $6250), cash surrender value of insurance counted ($231) See signed Burial Exclusion & Designation Form 985 in CR MessageMore 13-bott Documentation behind RES3 (just a copy & paste from RES1)

There are many additional examples in the “Train Track” for Burial Assets. You can find this and many other helpful guides on our website at “gadfcs.org/ofi”

Thank you for completing this desk training. Have a great day!