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Chapter: 1600 Assets Program: MSSI, SFP 33

Although there are mandatory retention periods for the bonds referenced above, they may be converted to cash early if the owner requests a waiver of the retention period claiming hardship circumstances. A hardship exemption request must be in writing, accompanied by the bond that is still within the mandatory retention period, to the following address:

Treasury Direct Address: Series EE and Series I Bureau of the Fiscal Service Division of Customer Assistance PO BOX 7015 Parkersburg, WV 26106-7015

For Paper Savings Bonds: Series EE and Series I Treasury Retail Securities Site PO Box 214 Minneapolis, MN 55480-0214

Series HH and Series H Bureau of the Fiscal Service Division of Customer Assistance P.O. Box 2186 Parkersburg, WV 26106-2186

When the value of a bond will affect eligibility, the bond’s owner must request a waiver of the retention period due to hardship (for example, need to receive public assistance or enter a nursing home). If evidence indicates the waiver was denied, the value of the bond is considered unavailable and not counted as a resource until the month after the mandatory retention period expires. If the waiver is granted, the amount of funds an owner receives or can receive by cashing in the bond early is considered as a countable resource. 1640.0576.01 Trusts (MSSI, SFP) A trust is a right of property held by one party for the benefit of another. The term "trust" also includes any legal instrument or device that is similar to a trust. It does not cover trusts established by will. It can include (but is not limited to) escrow accounts, investment accounts, pension funds, and other similar devices managed by an individual or entity with fiduciary obligation.

The trustee is the individual who holds the legal title to and manages property for the benefit or use of another. The beneficiary is the individual for whose benefit the trust is created.

A trust is considered revocable if the trust can be dissolved; it is considered irrevocable if it cannot be dissolved.

It is important to understand other terms used in reference to trusts:

1. Grantor (Trustor/Settlor) - Sets up the trust. 2. Trustee - Manages the trust. 3. Beneficiary - Receives benefits from the trust. 4. Corpus/Principal - Assets or income used to establish the trust. 5. Distributions/Disbursements - Money or assets paid out of the trust (either from the corpus or income produced by the corpus).

Refer to policies in 1640.0576.02 through 1640.0576.11 to determine how to consider trust funds.