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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page i Chapter 5 Assets

Chapter 5 Assets Table of Contents 5.1 DEFINITIONS ................................................................................................................. 1 5.2 INTRODUCTION ............................................................................................................11 5.3 COMMON INFORMATION.............................................................................................12 5.3.1 ESTABLISHING DATE OF ASSET ELIGIBILITY .....................................................12 5.3.1.A Supplemental Nutrition Assistance Program (SNAP) ........................................12 5.3.1.B Supplemental Security Income (SSI) Medicaid Groups ....................................12 5.3.1.C WV WORKS and AFDC-Related Medicaid .......................................................13 5.3.2 WHEN INCOME BECOMES AN ASSET .................................................................14 5.3.3 DETERMINATION OF THE VALUE OF COUNTABLE ASSETS .............................14 5.3.4 ACCESSIBILITY OF ASSETS .................................................................................14 5.3.5 CONVERSION OR SALE OF AN ASSET ................................................................16 5.3.5.A General Instructions .........................................................................................16 5.3.5.B Exceptions for Sale of an Excluded Asset ........................................................17 5.3.6 COMPENSATION FOR LOSS OR DAMAGE ..........................................................19 5.4 MAXIMUM ALLOWABLE ASSETS ...............................................................................21 5.5 LIST OF ASSETS ..........................................................................................................22 5.5.1 ABLE Accounts .......................................................................................................23 5.5.2 AGENT ORANGE COMPENSATION ......................................................................23 5.5.3 ANNUITIES .............................................................................................................23 5.5.3.A Annuities Purchased Prior to November 1, 2008 ..............................................23 5.5.3.B Annuities Purchased on or after November 1, 2008 .........................................24 5.5.4 BANK ACCOUNTS AND CERTIFICATES OF DEPOSIT (CDs) ..............................24 5.5.4.A Savings Accounts, Christmas Clubs, Checking Accounts, CDs ........................24 5.5.4.B Dedicated Account for SSI Recipient ................................................................25 5.5.4.C HUD FSS Escrow Accounts and Individual Development Accounts (IDA) ........26 5.5.4.D TANF-Funded and Demonstration Project IDAs ...............................................26