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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 14 Chapter 5 Assets

5.3.2 WHEN INCOME BECOMES AN ASSET Money counted as income when received becomes an asset if retained within the month after the month of receipt.

5.3.3 DETERMINATION OF THE VALUE OF COUNTABLE ASSETS Only the client’s equity, or portion of actual ownership, is considered, unless otherwise specified in Section 5.5 or 5.6. Equity is determined only as follows: • Determine the CMV of the asset. • Multiply the number of installment payments remaining by the amount of the installment payment. • Subtract the result of the calculation from the CMV. The remainder is the equity value. When the Worker determines that the equity value of an asset, or of several assets, will increase to above the asset limit before the next redetermination, he must set an eligibility system alert to recheck asset eligibility. When the client disagrees with the Department of Human Services-determined (DOHS) value of an asset, it is his responsibility to provide verification of the actual value. 5.3.4 ACCESSIBILITY OF ASSETS A client may not have access to some assets. To be considered an asset, the item must be owned by, or available to, the client and available for disposition. If the client cannot legally dispose of the item, it is not his asset. Examples of inaccessibility include, but are not limited to, the following: • Legal proceedings such as, probate, liens (other than those required for financing the asset). Items encumbered, or otherwise unavailable, due to litigation are not considered EXCEPTION: The proceeds from the sale of an excluded home are treated according to Section 5.3.5 below.