Personal Property Resources

(a) For medical assistance categories that have a resource test:

(1) The following documents shall be used to verify that a resource is legally unavailable to the applicant or recipient:

a. For irrevocable trust funds, the trust instrument or agreement;

b. For irrevocable burial funds, the bank account, agreement, trust instrument, or similar document which clearly states that the burial funds are not legally available to the individual; and

c. For property in probate, written or verbal contact with the register of probate in the appropriate county indicating that the property is currently in probate and legally unavailable to the applicant or recipient or a letter from the attorney handling the property indicating the property is legally unavailable to the applicant or recipient;

(2) Acceptable verification of income tax refunds or lump sum earned income tax credit payments shall be a copy of the tax refund check or the applicant’s or recipient’s submitted tax return;

(3) Acceptable verification of the value of IRA and non-contractual Keogh accounts and penalty for early withdrawal shall be a written statement from the financial institution where the account was issued indicating the current balance in the account and penalty for withdrawal of the entire amount in the account;

(4) Acceptable verification of the type of Keogh account, such as contractual or non-contractual, shall be a written statement from the individual's employer or the financial institution where the account was issued indicating whether it involves a contractual relationship with other individuals and if money can be withdrawn without affecting the other individuals involved;

(5) Acceptable verification of the face value of life insurance shall be:

a. The actual policy itself; or

b. Written or verbal contact with the insurance company when the face value cannot be determined using the actual policy;

(6) Acceptable verification of the equity value of life insurance shall be determined by written or verbal contact with the insurance company;

a. Using the cash value or non-forfeiture of benefits table, if there is no loan on the policy; or

b. Written or verbal contact with the insurance company, if there is a loan on the policy;

(7) Acceptable verification of lump sum death benefits shall be a letter of award, written contact with the agency providing the benefit or with the funeral director arranging for payment of the benefit, or if written documentation cannot be furnished, department of health and human services (DHHS) verbal contact with the agency or funeral director;

(8) Acceptable verification of resources resulting from an accumulation of types of income which are excluded by federal mandate shall be letters of award, written statements from the source providing benefits, or, if written documentation cannot be furnished, DHHS verbal contact with the source providing the benefits;

(9) Acceptable verification of stocks and bonds shall be the market value of the stock or bond in the financial section of a current newspaper or, if written documentation cannot be located, DHHS verbal contact with a stock broker ; and

(10) Good faith effort to sell a personal property asset that cannot be readily converted to cash shall be newspaper clippings or evidence of other means of advertising showing that the asset is for sale at a price commensurate with the property’s fair market value.