Page 795

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 69 Chapter 5 Assets

5.6.1.F Low Profit from the Sale of an Asset In addition to assets that may be considered inaccessible according to the provisions above, an asset that meets one of the following criteria is considered inaccessible and is, therefore, excluded because it cannot be sold for a significant return: • The asset has an expected sale price of $1,500 or less; or • The cost of selling the asset will likely result in a return of $1,500 or less. The AG’s ownership interest must also be considered when determining the potential return. This applies to a single asset, not to a combination of assets. 5.6.1.G Burial Funds The value of one funeral agreement per AG member is excluded. In addition, any burial funds in an irrevocable trust are excluded. 5.6.1.H Substantial Lottery and Gaming Winnings

NOTE: This provision does not apply to stocks, bonds, and negotiable financial instruments. NOTE: An asset cannot be subdivided solely to obtain an exclusion as inaccessible. EXCEPTION: When the Social Security Administration (SSA) requires the establishment of a dedicated account for past-due monthly SSI payments, the amount in the dedicated fund is an excluded asset. This applies, when based on the amount, SSA is required to deposit the funds directly in the dedicated account and when funds are deposited there at the discretion of the representative payee. See Chapter 4 for treatment of disbursements from the dedicated account.

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Page 795

Official source

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 69 Chapter 5 Assets

5.6.1.F Low Profit from the Sale of an Asset In addition to assets that may be considered inaccessible according to the provisions above, an asset that meets one of the following criteria is considered inaccessible and is, therefore, excluded because it cannot be sold for a significant return: • The asset has an expected sale price of $1,500 or less; or • The cost of selling the asset will likely result in a return of $1,500 or less. The AG’s ownership interest must also be considered when determining the potential return. This applies to a single asset, not to a combination of assets. 5.6.1.G Burial Funds The value of one funeral agreement per AG member is excluded. In addition, any burial funds in an irrevocable trust are excluded. 5.6.1.H Substantial Lottery and Gaming Winnings

NOTE: This provision does not apply to stocks, bonds, and negotiable financial instruments. NOTE: An asset cannot be subdivided solely to obtain an exclusion as inaccessible. EXCEPTION: When the Social Security Administration (SSA) requires the establishment of a dedicated account for past-due monthly SSI payments, the amount in the dedicated fund is an excluded asset. This applies, when based on the amount, SSA is required to deposit the funds directly in the dedicated account and when funds are deposited there at the discretion of the representative payee. See Chapter 4 for treatment of disbursements from the dedicated account.