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Page 4 of 11 § 10:71-4.4 Excludable resources In (b)2ii, substituted "beneficiary" for "recipient" in the introductory paragraph. Amended by R.2002 d.124, effective April 15, 2002. See: 33 N.J.R. 4188(a), 34 N.J.R. 1546(a). Added (b)10. Amended by R.2006 d.133, effective November 6, 2006. See: 37 N.J.R. 3774(a), 37 N.J.R. 4505(a), 38 N.J.R. 4712(a). Rewrote (b)2i; in (b)2ii, rewrote the introductory paragraph; in (b)2ii(1), substituted "equity value" for "CMB" and inserted "minus any encumbrances"; deleted (b)2iii. Amended by R.2012 d.025, effective February 6, 2012. See: 43 N.J.R. 804(a), 44 N.J.R. 230(a). In (b)1, substituted "his or her" for "his/her"; and rewrote (b)5. Annotations Notes Chapter Notes Case Notes Nursing home patient was eligible for Medicaid Only benefits because the patient's medical condition rendered those assets not accessible under N.J.A.C. 10:71-4.4(b)6, thereby the cash value of certain life insurance policies were excluded from the patient's countable resources. Since the patient was incapacitated due to dementia and Alzheimer's, the patient did not have access to the cash value of the life insurance policies and, ultimately, when a Public Guardian finally was appointed to oversee the patient's person and property, the resource was quickly spent down. I.L. v. NEW JERSEY DEP'T OF HUMAN SERVS., 389 N.J. Super. 354, 913 A.2d 122, 2006 N.J. Super. LEXIS 347 (2006). Federal Medicaid statute requiring that state's methodology for determining resource eligibility of medically needy person be no more restrictive than for categorically needy person required exclusion of husband's individual retirement account from computation of wife's resources for purposes of determining eligibility. Mistrick v. Division of Medical Assistance and Health Services, 299 N.J.Super. 76, 690 A.2d 651, 1997 N.J. Super. LEXIS 131 (1997). Proceeds from judgment or settlement transferred by individual into irrevocable trust are still available resources, for purposes of determining Medicaid eligibility. In re Lennon, 294 N.J.Super. 303, 683 A.2d 239, 1996 N.J. Super. LEXIS 371 (1996). ALJ's Initial Decision finding that an applicant who was seeking Medicaid was ineligible by reason of his being over the resource limit was approved on review. The applicant had claimed that the entire amount in the subject bank account, which was $ 3,291.06, had been set aside for his funeral expenses and that the affidavit to that effect was an "attestation" within the meaning of N.J.A.C. 10:71-4.4. Moreover, the amount that was excludable thereunder was $ 1500, so the amount that the applicant sought to exclude was not excludable in any event. E.A. v. Atlantic Cnty. Dep't of Family & Cmty. Dev., OAL DKT. NO. HMA 14391-23, 2024 N.J. AGEN LEXIS 174, Final Administrative Decision (February 27, 2024).