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Chapter: 1600 Assets

Program: FS 3 Assets that are individually or jointly owned and which cannot easily be converted to cash may be considered unavailable if the:

1. ownership interest is $1500 or less, and/or 2. cost of selling the property is so great that the sale of the property would yield no significant return ($1500 or less).

Note: If the jointly owned asset will yield a return to the assistance group of less than half of the asset limit, verification is not required unless questionable. However, when the assistance group is unable to provide sufficient information to clearly establish the ownership interest and/or the cost of the sale, verification is required prior to determining unavailability. 1610.0309.02 Availability of Trusts (FS) Any funds in a trust or funds transferred to a trust, and the income produced by that trust, are excluded if:

1. The trust arrangement is not likely to cease during the certification period and no member of the assistance group (AG) has the power to revoke the trust arrangement or change the name of the beneficiary; and

2. The trustee administering the funds is either a court, an institution, corporation, or organization that is not under the direction or ownership of any AG or appointed by the court who has court imposed limitations preventing the individual's use of the funds that meet the following requirements:

a. trust investments made on behalf of the trust do not directly involve or assist any business or corporation under the control, direction, or influence of a member of the AG; and b. the funds held in irrevocable trust are either established from the AG's own funds, if the trustee uses the funds solely to make investments on behalf of the trust or to pay the educational or medical expenses of any person named by the household creating the trust, or c. established from nonassistance group funds by a nonassistance group member. 1610.0309.03 Residents of Shelters (FS) The entire value of an asset owned jointly by an individual in a shelter for battered persons and a member of the individual's former assistance group is considered unavailable if the individual cannot access the asset without the consent of the joint owner who still resides in the former household. 1610.0316 Legal Restrictions to Availability (FS) In general, assets are considered available unless the applicant/recipient asserts otherwise. If the individual claims an asset is unavailable due to legal restrictions, the eligibility specialist will request supporting evidence and make an independent assessment of the availability based on the evidence presented. An individual may be restricted by law from disposing of owned assets. If an asset is unavailable due to legal restrictions, it is not considered an includable asset. Additional guidance can be requested from the Region or Circuit Program Office, Circuit Legal Counsel or Headquarters through the Region or Circuit Program Office.