Page 408

Students Under 18 With Accumulated Earnings The accumulated earnings of a student under 18 will be considered as a resource.

5104 Volume III | Chapter 5

Timber Uncut timber or kindred products such as pulpwood, located on home property are disregarded; however, timber located on property other than the home is considered resources. If timber on home or other property are cut and sold at regular intervals the resulting cash will be annual income. When the entire stand is sold, this depletes the asset and results in a resource. Verify the amount secured by seeing the bills of sale. Trust Funds When a trust fund is created, usually on behalf of a child, it is necessary for a request to be made to the attorney handling the settlement. Follow the steps below: 1. Explain to the individual the necessity for the request being made. 2. Ask the individual to advise the attorney handling the trust fund that the child(ren) is receiving TANF and that he needs to verify whether the trust fund is accessible for the release of funds for the maintenance of the children. 3. If the trust fund is inaccessible then it will be excluded from resources. However, explain to the individual that when funds from the trust fund become available he must report it to the county office. 4. If the trust is established by a will, determine and accept the terms of the trust. An approach to the court would be inappropriate as the court could not overrule the trust provisions. 5. Any interest earned and paid to a member of the assistance unit on the trust fund would be considered income. MISSISSIPPI [ RESOURCES: RESOURCES TO BE INCLUDED ]

Revised 05 - 01 - 06