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VIRGINIA DEPARTMENT OF SOCIAL SERVICES RESOURCES

10/24 VOLUME V, PART IX, PAGE 3

D. EXEMPT RESOURCES

Resources that will not count in determining eligibility include:

1. Real property, regardless of acreage.

2. Mobile homes, regardless of lot ownership. 3. Vehicles.

4. Household goods, such as furniture and appliances, and personal effects, such as clothing and jewelry. All tools are exempt, whether they are essential to the employment or self- employment of a household member.

5. Burial plots. In addition, the value of bona fide funeral agreements is exempt.

6. Cash value of life insurance policies.

7. Money in pension or retirement plans. This exemption includes plans authorized under the Internal Revenue Code or funds in a Federal Thrift Savings Plan account. This exemption includes Individual Retirement Accounts, 401(k), 403(b), and KEOGH plans. Money withdrawn from an exempt fund will count as income when it is withdrawn unless lump sum provisions of Part XI.F.9 apply.

8. The contract amount for land, buildings, and vehicles, sold on an installment basis.

Examples a. An applicant sells a piece of land for $3,000. The applicant continues to hold the deed while the buyer pays $100 per month. The $3,000 selling price is exempt, but the $100-payment counts as income.

b. An applicant sells a car for $1,900 (which is its "Blue Book" value) but continues to hold title to the car while the buyer pays $75 per month. The monthly payment of $75 will count as income.

9. Resources whose cash value is not accessible to the household, such as, but not limited to:

a. Security deposits on rental property or utilities.

b. Property in probate. For example, any property inaccessible to the household until there is a judicial determination concerning the validity of a will.

c. Some profit-sharing programs. For example, a program that makes money available to the employee only when necessary to allow the employee to pay excessive medical expenses is exempt.

d. Irrevocable trust funds. These are any funds in a trust or transferred to a trust, and the income produced by that trust to the extent that it is not available to the

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Page 161

Official source

VIRGINIA DEPARTMENT OF SOCIAL SERVICES RESOURCES

10/24 VOLUME V, PART IX, PAGE 3

D. EXEMPT RESOURCES

Resources that will not count in determining eligibility include:

1. Real property, regardless of acreage.

2. Mobile homes, regardless of lot ownership. 3. Vehicles.

5. Burial plots. In addition, the value of bona fide funeral agreements is exempt.

6. Cash value of life insurance policies.

8. The contract amount for land, buildings, and vehicles, sold on an installment basis.

b. An applicant sells a car for $1,900 (which is its "Blue Book" value) but continues to hold title to the car while the buyer pays $75 per month. The monthly payment of $75 will count as income.

9. Resources whose cash value is not accessible to the household, such as, but not limited to:

a. Security deposits on rental property or utilities.

b. Property in probate. For example, any property inaccessible to the household until there is a judicial determination concerning the validity of a will.

c. Some profit-sharing programs. For example, a program that makes money available to the employee only when necessary to allow the employee to pay excessive medical expenses is exempt.

d. Irrevocable trust funds. These are any funds in a trust or transferred to a trust, and the income produced by that trust to the extent that it is not available to the

TRANSMITTAL #35