Assets Do Not Include:

• Necessary personal property (clothing, furniture, cars, wedding ring, vehicles specially equipped for persons with disabilities)

• Interests in Indian trust land

• Term life insurance policies

• Equity in the cooperative unit in which the family lives

• Assets that are part of an active business

• Assets that are not effectively owned by the applicant or are held in an individual’s name but:

  • The assets and any income they earn accrue to the benefit of someone else who is not a member of the household, and

  • that other person is responsible for income taxes

2

incurred on income generated by the assets

• Assets that are not accessible to the applicant and provide no income to the applicant (Example: A battered spouse owns a house with her husband. Due to the domestic situation, she receives no income from the asset and cannot convert the asset to cash.)

• Assets disposed of for less than fair market value as a result of:

  • Foreclosure

  • Bankruptcy

  • Divorce or separation agreement if the applicant or resident receives important consideration not necessarily in dollars.