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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 80 Chapter 5 Assets

5.6.3.C Retroactive Payments These are counted as an asset when retained as of the first moment of the month following the month of receipt, with the exception of the following. ➢ Retirement, Survivors and Disability Insurance (RSDI) and SSI Underpayments The payments are excluded for nine months following the month of receipt. ➢ RSDI and SSI Restitution Payments for Misuse by a Representative Payee The payments are excluded for nine months following the month of receipt. 5.6.3.D Burial Funds A client may retain a maximum of $3,000 in burial funds for himself. He may also retain the same amount for his spouse. These funds may be in the form of money set aside for burial (maximum of $1,500, not comingled with other funds), face value of life insurance policies, revocable or some irrevocable burial trusts or prepaid funeral contracts, etc. Burial trusts are treated like any other trust funds, unless all of the following conditions are met: • The individual signs a contract with the funeral director promising prepayment in return for specific funeral merchandise and services. Such goods and services must be listed. • The contract is irrevocable. • The individual pays the agreed-upon amount to the funeral director in the form of a direct cash payment, purchase, or transfer of a life insurance policy or annuity that is assigned to the funeral director. • The funeral director, in turn, places the pre-need payment or device into the trust or escrow account that the funeral director establishes himself. If the client establishes the trust or other device himself, the amount may be considered a transfer of resources. See Chapter 24. • The client is expected to receive goods and services with a total CMV at least equal to the amount he paid.