Page 8

Chapter: 1600 Assets Program: MSSI, SFP 4

If the individual successfully rebuts ownership of all the funds in the joint account, the individual's name must be removed from the account, so he no longer has access to the funds in the account. (This is not considered a transfer of assets.) Do not consider the funds in the account as an asset to the individual for any month (even for months prior to the month the individual's access to the account is removed). The individual must submit documentation of the original and revised (if any) account records showing his name has been removed. Photocopies are necessary for the case file.

If the individual successfully rebuts ownership of only a portion of the funds in the joint account, the individual must remove his access to the portion of the funds which does not belong to him. The individual must present evidence showing that either he has removed his funds from the account or the joint owner(s) has removed their funds from the joint account, and the account has been redesignated. Do not consider the portion of the funds owned by the joint owner(s) as an asset to the individual for any month, even for months prior to the month the individual's access to the funds is removed. The individual must submit documentation of the original and revised (if any) account records showing his access to the joint owner’s funds has been removed. Photocopies are necessary for the case file.

If the individual does not successfully rebut ownership of the account, you must consider the total joint account balance as an asset to the individual. 1640.0303.01 Other Types of Joint Ownership of Assets (MSSI, SFP) Liquid assets other than bank accounts may be subject to various types of ownership depending on the asset involved. Some of the more common terms used to indicate joint ownership of an asset include:

1. joint ownership; 2. ownership in common; 3. tenants by the entirety; and 4. equitable ownership of trust property (for example, where legal title is with a legal representative).

An individual will be considered a part owner of liquid assets even if the other owner(s) is a member of the same family. When assets are partially owned, it is immaterial whether the parties involved are related or non-related. Only that portion of a liquid asset that is designated as belonging to the individual can be attributed to that individual. Refer to passages 1640.0302.01 and 1640.0302.05 for rebuttal of ownership policies.

Where partial ownership exists, individuals’ shares in the asset may not be equal. In order to determine the value of an individual's share it is important to determine:

1. the type of ownership; 2. the names of the owners; 3. the relationship of the owners if deeming is applicable; and 4. the extent of each individual's share.

Generally, an individual's ownership interest in a liquid asset can be disposed of without restrictions and is, therefore, an available asset. However, if consent to sell is required and such permission is withheld, the property cannot be included as the individual's asset. The determination that the property is not an asset must be based on a legal restriction and must be supported by documentary evidence such as a written agreement, contract, deed, or state law.