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(including the value of certain installment sales contracts for burial spaces); cash accounts and other financial instruments with a definite cash value or irrevocable burial contracts. 4. “Equity value” means the price an item can be reasonably expected to sell for on the local open market minus any encumbrances. 5. “Fair market value” means a certified appraisal or an amount equal to the last or average price of the property or good on the open market in the locality at the time of the transfer transaction or contract for sale, if earlier. 6. “Guardian” means a person or institution appointed by a court in any State to act as a legal representative for another person, such as a minor or a person with disabilities. 7. “Home” means a residential property in which the person and/or person's spouse possess an ownership interest providing it also serves as the principal place of residence of the applicant and/or the applicant's spouse or dependent child. 8. “Intent to return” means an expression by a person indicating that they plan to live in the home used as the principal place of residence after a temporary absence. The intent to return home is subjective rather than objective and, as such, must be expressed by the applicant or beneficiary, or an authorized representative, and take the form of a signed, written statement. 9. “Life estate” means a legal arrangement entitling the owners to possess, rent, and otherwise profit from real or personal property during their lifetime. 10. “Liquid resources” means cash or other personal property that can be converted to cash within twenty (20) working days. 11. “Non-liquid resources” means property that is not cash, including real and personal property that cannot be converted to cash within twenty (20) working days. 12. “Ownership interest” means the person seeking Medicaid holds sole or joint legal title to the residential property or is a party to a legal covenant establishing property ownership, such as a life estate. 13. “Principal place of residence” means the residential property where the beneficiary, and/or in the instances specified the spouse or a dependent child of such a person lives the majority of the time during the year – one hundred eighty-three (183) days in the previous twelve (12) months.