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Non-Liquid Assets (Equity Value) 1.4.2 ALL The following are examples of non-liquid assets: • real property (land and building), mortgages, land contracts, life estates, and life leases; • licensed and unlicensed boats, aircraft, campers and trailers; and • tools and machinery for education, training, or employment of the household. Exclude non-liquid assets against which a lien has been placed as a result of taking out a business loan and the household is prohibited by the security or lien agreement with the lien holder/creditor from selling the assets. For all moveable assets, such as boats, aircraft, and campers, and for real property, the lien, if it exists, must be filed with the appropriate agency (i.e. Department of Motor Vehicles (DMV) or Recorder of Deeds) in order for the lien amount to be subtracted from the fair market value. Land contracts and mortgages are excluded. This exclusion applies to installment contracts for the sale of land or buildings and to the value of property sold under installment contract or held as security in exchange for a purchase price consistent with the fair market value of that property. BURIAL FUNDS 1.5 ALL Exclude all funds in a pre-paid burial account, burial plan, or burial trust. Exclude all other funds clearly designated for burial expenses, including funeral agreements, burial contracts, burial trusts, or other burial arrangements. In addition, financial accounts (checking, savings, or other types of accounts), and the cash surrender value of life insurance may also be excluded if set aside for burial expenses. To be excluded, burial funds cannot be commingled with any assets except excluded burial space assets. If a savings account is designated for burial funds, all subsequent deposits must also be designated for burial funds. If excluded burial funds are used for purposes other than the burial of the person for whom the funds were set aside, the amount not used becomes unearned income. BURIAL SPACE 1.6 ALL A burial space includes customary items for a deceased's bodily remains such as a: • grave site (burial plot); • mausoleum, crypt, or niche; or • casket or urn. Also included are necessary improvements such as a: • vault, outside receptacle, or rough box; • headstone, marker, and/or plaque; • burial container; • opening and closing of the grave site; and • care and maintenance of the grave site (endowment care). Exclude the value of burial space items, provided the items are identified separately from the value of non-burial space items. Exclude one burial space for each person for whom assets are counted (see Chapter 2: Whose Assets