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Chapter: 1600 Assets

Program: FS 11 Several series of U.S. Savings Bonds (for example, Series I, J, and H) can normally be quickly converted into cash at local banks. These bonds are defined as liquid assets. However, some bonds, including Series E bonds, must be held at least 60 days from the date of issue before they can be converted into cash.

U.S. Savings Bonds are usually registered in the name of the owner(s) shown on the front of the bond and may be redeemed by the owner by completing a form on the back of the bond.

If ownership of the bond is shared, each person's share is equal. All owners must agree to liquidate the bond.

The face value of Series H bonds does not change. No further verification of value is necessary for that series; however, interest is paid rather than accrued on these bonds. 1610.0573 Trusts (FS) A trust is a right of property held by one party for the benefit of another. The individual who holds the legal title to property for the benefit or use of another is the "trustee". The individual for whose benefit the trust is created is the "beneficiary".

Irrevocable trusts are not included as assets.

If the trust is revocable, the eligibility specialist needs to determine the availability of the trust to the individual in order to decide if it should be included or excluded. 1610.0577 Real Property (FS) Real property includes assets (in which an individual has ownership interest) that fall into the following categories:

1. any real estate owned by the individual or couple, and 2. income producing property. 1610.0578 Real Estate (FS) Real estate that is not a homestead and does not involve life estate is included as an asset.

Otherwise non-excluded real property that an individual or family is making a good faith effort to sell can be excluded. Refer to passage 1610.0537 for good faith effort policies.

Real estate is not included as an asset if the property is producing income consistent with its fair market value (see passage 1610.0544).

Information containing the name of owner, legal description, amount of indebtedness and to whom owed, and the assessed value is required verification. Sources of verification include deeds in possession of parent or relative, liens in personal possession, county property records, or contract with lien holder. 1610.0579 Value of Real Property (FS) Value is determined as equity value unless the property is exempt. 1610.0583 Vehicles (FS) A vehicle is any automobile, truck, motorcycle, etc., that is used to provide transportation, and includes vehicles that are unregistered, inoperable, or in need of repair. Vehicles are excluded as assets in the food stamp eligibility determination.