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Example 3 -Total Asset Policy: An Individual purchased a total asset ILTCP which provides an initial policy benefit of $200,000 in 2005. Thereafter, she enters a nursing facility, and the insurance pays out the maximum benefits, which will be more than the initial benefits depending on when she entered the facility. She then applies to Medicaid and her resources are as follows: • Irrevocable funeral trust $4,000 (exempt) • Certificate of deposit $120,000a • Life insurance cash value $15,000 • Stocks $25,5000 • Mutual Funds $120,000 • Total Resources $280,500 • ILTPC disregard $225,000 Countable resources $55,5000 Resource Limit $2,000 The applicant has excess resources, but all excess resources are disregarded with a total asset policy, because $200,000 is greater than the State-Set amount in 2005, which was $196,994. 2615.30.00 HOUSEHOLD GOODS AND PERSONAL EFFECTS Household goods and personal effects are exempt as resources.35 Household goods are items of personal property customarily found in the home and used in connection with the maintenance and occupancy of the home. They include (but are not limited to) furniture, appliances, kitchen utensils, linens, and television sets. Personal effects are those items of personal property which are worn or carried by an individual. Some examples are clothing, jewelry, and hobby items. 2615.35.00 INCOME-PRODUCING PERSONAL PROPERTY Income-producing personal property consists of items such as farm machinery, livestock, tools, equipment, a vehicle used in a business, business inventory, and furnishings and appliances included with a rental unit. Such personal property may be solely or jointly owned. If an applicant/recipient jointly owns personal property with another applicant/recipient of any assistance group (AG), for any program, proportionate shares of the property are to be assigned to the joint owners and considered as a resource in accordance with the program requirements. (Refer to Section 2605.10.05).