Page 204

• Electronic equipment, such as personal computers and television sets • Carpets • Cooking and eating utensils • Dishes Note Items that are acquired or held because of their value or as an investment are not considered household goods (see SECTION 16.7.1.3 OTHER PERSONAL PROPERTY). 16.7.1.2 Personal Effects Do not count personal effects as an asset. Personal effects are one of the following: • Items of personal property originally worn or carried by the individual • Articles otherwise having an intimate relation to the individual Examples of personal effects include, but are not limited to, the following: • Personal jewelry including wedding and engagement rings • Personal care items • Educational or recreational items such as books or musical instruments • Items of cultural or religious significance to an individual, such as ceremonial attire • Items required because of an individual's physical or mental impairment, such as prosthetic devices or wheelchairs Note Items that are acquired or held because of their value or as an investment are not considered personal effects. 16.7.1.3 Other Personal Property Both the following are true of personal property that an individual acquires or holds because of its value or as an investment: • It is a countable resource (asset). • It is not considered to be a household good or personal effect. Other personal property items include, but are not limited to, the following: • Gems acquired or held because of their value or as an investment • Jewelry that is not worn or held for family significance • Collectibles acquired or held because of their value or as an investment • Virtual currency Example 1 Mr. Hollenback received $10,000 from an insurance settlement. Mr. Hollenback paid back creditors with $7,000 and purchased $3,000 in jewelry. Mr. Hollenback does not wear the jewelry. The IM workers must determine whether the jewelry is excluded from resources as a personal effect or is a countable resource in the form of other personal property. Mr. Hollenback's statements establish that the jewelry has no family significance and that he purchased the jewelry for its value as a means to spend down the $10,000. The IM workers correctly determines that the jewelry is not an excludable personal effect because an item purchased for its value cannot be a personal effect. The IM worker correctly determines the jewelry as a countable asset.