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Chapter: 1600 Assets

Program: FS 2

If the individual alleges the funds in the account belong to someone else, you must allow the individual to submit evidence to challenge this presumption. If the challenge is successful, do not count the funds in the account as an asset to the individual for any month. (If the individual never owned the funds, they were never his.) If the challenge to the presumption of ownership is not successful, you must consider the funds as an asset to the individual. This policy applies to checking accounts, savings accounts, certificates of deposit and other jointly owned financial accounts.

The treatment of funds in joint bank accounts depends on how the account is set up. Accounts set up as John or Jane Doe are considered entirely available to either individual unless one of the individuals states that the funds belong entirely to the other joint account holder and the individual can prove that the account is a convenience account. 1610.0304 Ownership of Real Property (FS) Ownership of real property can consist of an interest in the title or a right to the use of the property without title to the property. The owner of real property is generally the individual who has legal title and the right to control the property. 1610.0305.02 Shared Ownership of Real Property (FS) When the individual shares ownership with another individual or other individuals, only the individual's ownership interest is included. If there is no documentation defining the portion owned by each individual owner, all owners are assumed to have equal shares in the property.

If the individual cannot sell his share of the property without the consent of the other owner and the other owner refuses to give his consent, the property cannot be considered a countable asset. 1610.0308 General Availability (FS) Once the individual's ownership interest of an asset(s) is established, the availability of that asset must be determined. Asset(s) determined not to be available are not considered in determining eligibility on the factor of assets.

Assets are considered available to an individual when the individual has unrestricted access to the asset.

Accessibility depends on the legal structure of the account or property. An asset is countable if the asset is available to a representative possessing the legal ability to make the asset available for the individual's support and maintenance, even though the individual may not choose to do so.

Assets not available due to legal restrictions or factors beyond an individual's control are not considered in determining total available assets. The only exception to this rule occurs when the legal restrictions were caused or requested by the individual. 1610.0309.01 Availability of Assets (FS) Assets jointly owned by separate assistance groups are included as available to each assistance group unless it is shown that any of the funds are unavailable.

The entire value of a jointly owned asset is excluded if it cannot be practically subdivided and access is dependent on the agreement of the joint owner who refuses to comply. This does not apply to assets such as stocks, bonds, and other negotiable financial instruments. Refer to passage 1610.0308, General Availability, for other reasons these assets may be considered unavailable.