Ill. Admin. Code tit. 89, § 113.140 - Assets
a) The value of
nonexempt assets shall be considered in determining eligibility for an
assistance payment.
b) The entire
equity value of jointly held assets shall be considered in determining
eligibility for an assistance payment, unless:
1) The asset is a joint income tax refund;
or
2) The client documents that the
client does not have access to the asset. Appropriate documents may include,
but are not limited to, bank documents, signature cards, trust documents,
divorce papers, and papers from court proceedings; or
3) The asset is held jointly with a client or
clients of any Illinois Department of Public Aid program, other than Food
Stamps; or
4) The client can
document the amount of his legal interest in the asset, and that such amount is
less than the entire value of the asset, then the documented amount shall be
considered. Appropriate documentation, may include, but is not limited to, bank
documents, trust documents, signature cards, divorce papers, or court orders;
or
5) The client documents that the
asset or a portion of the asset is not owned by the client and the client's
accessibility to the asset is changed (see subsections (b)(2) and (4) above for
documentation examples).
c) Trusts for residents of long term care
facilities shall be treated as described in 89 Ill. Adm. Code
120.347.
d) Provisions for the transfer of property
(for example, assets) for residents of long term care facilities shall be
treated as described in 89 Ill. Adm. Code
120.386
and
120.387.
e) The value of a life estate shall be
determined at the time the life estate in the property is established and at
the time the property (for example, assets) is liquidated. In determining the
value of the life estate and remainder interest based on the value of the
property at the time the life estate is established or on the amount received
when the property is liquidated, the Department shall apply the values
described in 89 Ill. Adm. Code 120.Table A. The life estate and remainder
interest are based on the age of the person at the time the life estate in the
property is established and at the time the property is liquidated and the
corresponding values described in 89 Ill. Adm. Code 120.Table A.
Notes
Amended at 19 Ill. Reg. 2875, effective February 24, 1995
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