Page 802

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 76 Chapter 5 Assets

5.6.2.E Burial Funds 5.6.2.E.1 WV WORKS Burial funds of up to $1,500 for each AG member may be excluded, provided any amount in an irrevocable burial trust is excluded in its entirety first. This limits the amount of other excludable burial funds. • If the irrevocable trust is $1,500 or more, no other burial funds may be excluded. • If the irrevocable trust is less than $1,500, the difference between $1,500 and the irrevocable trust may be excluded. To qualify for all or a portion of the $1,500 exclusion, burial funds must be formal agreements, such as burial contracts, burial trusts, or other funeral arrangements. Bank accounts, money set aside for burial and the cash surrender value of life insurance policies are not considered burial funds; they are countable assets. 5.6.2.E.2 AFDC-Related Medicaid See Section 5.6.3.D below. For these coverage groups, the $3,000 limit on burial funds applies to each member of the AG. 5.6.3 SSI MEDICAID GROUPS When an asset is deemed, the full equity value is deemed with no disregards or deductions applied. 5.6.3.A Assets of Disqualified/Ineligible Individuals Assets of disqualified/ineligible individuals are deemed. The method of deeming depends on whether the individual is an adult or a child.

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Page 802

Official source

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 76 Chapter 5 Assets

5.6.2.E Burial Funds 5.6.2.E.1 WV WORKS Burial funds of up to $1,500 for each AG member may be excluded, provided any amount in an irrevocable burial trust is excluded in its entirety first. This limits the amount of other excludable burial funds. • If the irrevocable trust is $1,500 or more, no other burial funds may be excluded. • If the irrevocable trust is less than $1,500, the difference between $1,500 and the irrevocable trust may be excluded. To qualify for all or a portion of the $1,500 exclusion, burial funds must be formal agreements, such as burial contracts, burial trusts, or other funeral arrangements. Bank accounts, money set aside for burial and the cash surrender value of life insurance policies are not considered burial funds; they are countable assets. 5.6.2.E.2 AFDC-Related Medicaid See Section 5.6.3.D below. For these coverage groups, the $3,000 limit on burial funds applies to each member of the AG. 5.6.3 SSI MEDICAID GROUPS When an asset is deemed, the full equity value is deemed with no disregards or deductions applied. 5.6.3.A Assets of Disqualified/Ineligible Individuals Assets of disqualified/ineligible individuals are deemed. The method of deeming depends on whether the individual is an adult or a child.