Page 33

MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD E-410 Division of Welfare and Supportive Services RESOURCES Medical Assistance Manual TYPES OF RESOURCES (not all inclusive) 24 Sept MTL 04/24 UNIFORM GIFTS TO MINORS – VEHICLES RESOURCE TYPE DESCRIPTION

UNIFORM GIFTS TO MINORS

1. Real/Personal Property

2. Conditional Exclusion

Uniform Gifts to Minors Act permits gifts to minors which are free of tax burdens.

An individual (donor) makes an irrevocable gift of money or other property to a minor (the donee). The gift, plus any earnings it generates, is under the control of a custodian until the donee reaches the age of majority by state law (18 years for Nevada). The custodian has discretion to provide to the minor or spend for the minor's support, maintenance, benefit or education, as much of the assets as he/she deems equitable. The donee automatically receives control of the assets upon reaching the age of majority.

The gift, including any additions or earnings, is not income to the donee. The custodian's disbursements to the donee are income to the minor. All property becomes available to the donee and subject to income rules in the month the donee reaches the age of majority. The month following the month of majority, the property is subject to resource evaluation.

Verification: (not all inclusive)

– Copy of the document of ownership, e.g., deed, CD, savings passbook, etc.

VEHICLES

1. Personal Property

2. Conditional Exclusion

Vehicles include passenger cars, trucks, boats, snowmobiles, trailers, recreational vehicles, etc.

The fair market value (FMV) less encumbrances of all types of vehicles for which the total or partial value has not been excluded. The FMV is determined by the "average trade–in" value or the current "wholesale blue book" value of the vehicle excluding optional equipment and mileage.

If the vehicle is no longer listed in the blue book or the vehicle is inoperable or extensively damaged, the customer’s statement of value is acceptable.

ALWAYS obtain FMV of vehicles which are collectible or antique.

For vehicles used to provide transportation such as passenger cars, trucks, boats, snowmobiles, animal drawn vehicles, etc., apply the following exclusions in the following order.