True or False: A burial savings account must be revocable to qualify under Medicaid rules.

The statement is false because burial savings accounts do not necessarily have to be revocable to meet Medicaid rules. Under Medicaid regulations, a burial savings account can be either revocable or irrevocable and still qualify as an exempt asset, as long as it is established specifically for funeral and burial expenses. These accounts are intended to ensure that funds are available solely for the purposes of burial and cannot be used for other types of expenditures.

States may have their own specific guidelines regarding how these accounts should be managed, but generally, the requirement around revocability does not apply universally. As such, it is not correct to state that revocability is a condition for qualification under Medicaid. This understanding is fundamental for anyone working within the realms of professional guardianship and Medicaid planning, as it ensures compliance with asset eligibility rules while also helping to adequately prepare for necessary funeral expenses without jeopardizing Medicaid eligibility.