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West Virginia Income Maintenance Manual Chapter 5
West Virginia Income Maintenance Manual Page 5 Chapter 5 Assets
INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) An IDA is a special bank account that helps an individual save for his education, the purchase of a first home, or to start a business. The funds are matched by a government or non-profit agency. INSTITUTIONALIZED SPOUSE An individual who is institutionalized .and has a spouse living in the community who is not receiving LTC benefits. This definition is used when one spouse is applying for LTC benefits and the other spouse is not and is used in conjunction with the definition of community spouse. IRREVOCABLE Impossible to retract, revoke, or annul. IRREVOCABLE ARRANGEMENTS Assets that are available for burial and held in an irrevocable burial contract or irrevocable burial trust. Irrevocable contracts and trusts are those that cannot be changed and that do not allow the client access to the assets. See BURIAL TRUST FUNDS. JOINTLY OWNED PROPERTY An asset owned by two (2) or more individuals. LAND SALE CONTRACT A contract whereby a landowner enters into a legal agreement to sell property to another person by installment payments. The buyer is entitled to possession and equitable title to the property. The seller or creditor holds legal title until the buyer completes the required payments to fulfill the contract. LIFE ESTATE Under a life estate, an individual who owns property and transfers ownership of the property to another individual, while retaining certain rights to it for the rest of his life, or the life of another person. Generally, a life estate entitles the owner of the life estate to possess, use, and obtain profits from the property for as long as he lives. However, actual ownership of the property has been transferred. LIFE ESTATE HOLDER The person who benefits from the life estate.