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Title 7: SNAP Page 17 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Excluded Resources Revised September 27, 2024 Retirement Accounts Trust Funds (Cont.) ▪ The irrevocable trust must be established either:

• From nonhousehold funds by a nonhousehold member, or

• From the household’s own funds, if the trustee uses the funds solely to:

▪ Make investments on behalf of the trust, or

▪ Pay the educational expenses of any person named by the household creating the trust, or

▪ Pay the medical expenses of any person named by the household creating the trust. US Savings Bonds 7 CFR 273.8(e) Exclude the value of US Savings Bonds that cannot be cashed in. For bonds that can be cashed, count as a resource the amount the bond is worth at the time resources are being determined, not the face value of the bond. Vehicles Legal reference: 7 CFR 273.8(f) A motor vehicle may be: ▪ Excluded as a resource. ▪ Counted according to its equity value. ▪ Counted according to its excess fair market value over $4,650. ▪ Counted according to either its excess fair market value over $4,650 or its equity value, whichever is higher. The fair market value is the current value of the vehicle. The equity value of a vehicle is the fair market value minus encumbrances. Discussion on determining and counting the value of motor vehicles is organized as follows: ▪ Excluded motor vehicles ▪ Determining the fair market value of a motor vehicle ▪ Determining the countable value of a motor vehicle ▪ Jointly owned vehicles Excluded Motor Vehicles Legal reference: 7 CFR 273.8(e) Exclude the entire value of one motor vehicle for each SNAP household. See 4-D, Vehicles for examples of motor vehicles.