PMS-18420-340 - Treatment of retroactive VA Aid and Attendance Benefits - March 31, 2017
Personal property includes, but is not limited to, the following:
Cash on hand.
Bank and credit union accounts, including vacation and Christmas clubs, checking and savings accounts, certificates of deposit (CDs), and money market funds, and Direct Express accounts. Direct Express accounts allow individuals to receive their federal benefits such as Supplemental Security Income (SSI) payments on a debit card.
Stocks, bonds, and mutual funds.
Unrestricted trust accounts.
Burial reserves and prepaid funerals (see Section 340.7, Burial Resources).
Individual retirement accounts (IRAs) and Keogh funds.
NOTE: Paying a penalty for taking money out of an account earlier than is allowed does not mean a resource may be excluded. The CAO must subtract the amount of the penalty from the total before counting the resource.
Lump sum payments (see Chapter 357, Lump Sum).
NOTE: Lump sum payments can be considered either income or a resource, whichever is better for the individual.
Motor vehicles (see Section 340.5, Motor Vehicles).
Boats, all-terrain vehicles (ATVs), snowmobiles, and the like.
Exception: These are exempt as recreational equipment for SSI-related categories. See Section 340.83, Excluded Resources—SSI Related.
Money gotten from selling an item, even if the item itself was exempt as a resource (see Section 340.9, Disposition of Resources).
Life insurance (see Section 340.4, Life Insurance).
For GA-related categories, the part of a gift that exceeds $50 per individual in any calendar quarter is a countable resource.
Reminder: Resources are counted at their equity value unless otherwise specified.
Manual Requests for Asset Verification through the Asset Verification System (AVS), OPS-18-01-03 (Published January 30, 2018)
The CAO will confirm ownership and equity value of all countable individual property.
The equity value of a resource can be reduced by commissions or fees that must be paid as a penalty for taking money out from an account earlier than is allowed. The CAO will confirm and make note of any deductions.
The individual, applicant, guardian, or trustee will show proof of the balance or value of countable individual property at application and at each renewal.
Acceptable proof includes the following:
Cash on hand—a statement by the individual.
Bank, credit union, Christmas club, or vacation club accounts, savings certificates, or certificates of deposit—a passbook showing a current balance, a current bank statement, or written proof from the financial institution.
NOTE: To protect the financial account information, the request to the financial institution should include only the last four digits of the account number.
NOTE: When the individual cannot provide a Direct Express account statement, the CAO will follow the guidance in Section 378.3, County Assistance Office Responsibility.
Burial resources—a statement from a individual who works at the cemetery or memorial garden proving ownership, conditions of resale, and value.
Stocks/bonds—a statement from a stock broker or newspaper giving the current value, or a statement from the company or agency issuing the stock or bonds.
NOTE: Personal property such as stock can also be considered an unavailable burial resource if the individual cannot easily get the resource and the beneficiary or co-owner is a financial institution or funeral director. (See Section 340.721, Irrevocable Burial Reserves.)
IRA/Keogh—a statement from the financial institution.
Mutual funds—a statement from the company managing the fund.
Savings bonds—a statement from a bank.
Reminder: Count the equity value of a savings bond that can be cashed. It may be worth more or less than the face value (the amount printed on the bond), depending on the date of purchase.
Trust fund—trust papers or a statement from the financial institution managing the trust
Tax refund—a copy of the check
NOTE: The CAO will look at the possibility of a tax refund for any individual who was employed in the previous year.
Inheritance—a statement from the attorney handling the estate of the individual who died.
Motor vehicle—a title of ownership and a written estimate of the value from a dealer or from a car wholesale book (commonly called the “Blue Book” or “Red Book”).
Boats, snowmobiles, all-terrain vehicles, etc.—a title of ownership or a statement from a dealer.
Updated March 30, 2023, Replacing August 21, 2018