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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 24 Chapter 5 Assets

The annuity must be revocable or assignable to be an asset. • Revocable annuity: The value is the amount the purchaser will receive if he cancels the annuity. • Assignable annuity: The value is the amount for which the annuity can be sold on the open market. • Irrevocable or unassignable: The value is not an asset. 5.5.3.B Annuities Purchased on or after November 1, 2008 The value of the annuity is as follows. • Revocable annuity: The value is the amount the purchaser will receive if he cancels the annuity. • Assignable annuity: The value is the amount for which the annuity can be sold on the open market. • Irrevocable or unassignable annuity: The value is the amount for which the current or future stream of payments can be sold on the open market. See Section 24.8 for annuities as a transfer of resources. LTC MEDICAID ONLY: When an individual is approved for LTC Medicaid and has an excluded annuity described above, for which Medicaid must be the beneficiary, the Worker must fax a copy of the trust document and the Medicaid recipient’s name, case number, and name of the recipient’s Power of Attorney or legal representative, if applicable, to the current contract agency for Estate Recovery. Information about this agency is in Chapter 24, Appendix E. 5.5.4 BANK ACCOUNTS AND CERTIFICATES OF DEPOSIT (CDs)

5.5.4.A Savings Accounts, Christmas Clubs, Checking Accounts, CDs SNAP WVW, AFDC-Related SSI Groups Yes* Yes* Yes*