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asset limit for the period of time the client is unable to sell it. An asset which the client owns jointly with another person may be available (see Section 1.16: Jointly Owned Assets in this Chapter). Customers are responsible for providing information and verifications regarding countable assets at initial application and assets acquired during the certification period or in-between eligibility redeterminations. Countable assets have either cash value or equity value. Cash value is the amount of money that can be generated if the asset were sold. Equity value is fair market value minus encumbrances or any amount legally owed on the asset. Countable cash value and equity value will be measured against the asset limit in the eligibility determination process.

Excluded Assets 1.3.1 ALL An asset may be excluded in whole or in part depending upon its type or its source. It may also be excluded for a set period of time. Different programs may have different rules regarding whether an asset may be excluded, the amount of the exclusion, or the period during which it may be excluded. Liquid assets that can be excluded should be kept separate and apart from countable assets. LIQUID AND NON-LIQUID ASSETS 1.4 ALL Assets are either liquid or non-liquid. If assets are liquid, they have a cash value. If assets are non- liquid, they have an equity value. Fair market value is the wholesale value of an asset, regardless of the amount the group owes on it. Equity value is the fair market value minus encumbrances or any amount legally owed on the asset. An asset that is converted from one type to another (i.e., an item is sold for cash) continues to be considered an asset. Liquid Assets (Cash Value) 1.4.1 ALL For the following liquid assets, the value of the asset is the amount in the applicant's possession or in the account: • cash on hand, including uncashed checks, drafts, and warrants; • savings account; • checking account; • credit union share or draft account; • LTC patient trust fund; and • Personal Needs Allowance (PNA) account administered by a LTC facility or authorized representative on behalf of a MA recipient. The value of the following types of liquid assets is the amount if it were converted to cash: • certificate of deposit (CD); • life insurance; • U.S. savings bond, except that it will not be counted as long as it cannot be cashed in; • lump sum payments such as lottery winnings and inheritances; • trusts; • stocks, bonds, securities, and mutual funds; and • income tax refunds.