Section 17-675-36 - Assets to be considered(a) Unless exempted in subchapter 4, the following assets shall be considered in the individual or family personal reserve: (2) Cash in savings and checking accounts;(3) Stocks and bonds. The individual shall obtain verification of the value of stocks and bonds from a stock brokerage firm;(4) Time deposits and savings certificates. The individual shall obtain verification of the value of assets from the financial institution where the funds are deposited;(5) State tax refunds, including state excise tax credits and state income tax credits;(6) Governmental debenture bonds, such as savings bonds, treasury notes, or municipal bonds. The individual shall obtain verification of the value of these assets from financial institutions or stock brokerage firms;(7) Mutual fund shares. The individual shall obtain verification of the value of the mutual fund shares from a stock brokerage firm;(8) The equity in burial plots, funeral plans or agreements, or burial vaults, not exempt in section 17-675-27. Equity shall be determined by subtracting all encumbrances from the market value. The individual shall provide verification of the equity value of burial plots, funeral plans or agreements, or burial vaults;(9) The nonexempt value of motor vehicles;(10) Any equity in real property not used as the family home, not exempt in section 17-675-26 or 17-675-48;(11) Moneys or assets in trust funds; (A) For the financial assistance program only, if an irrevocable trust is involved or there is a legal impediment to the current availability of money or assets of the trust, the applicant, recipient, or trust owner shall execute an agreement to allow the department of human services to institute proceedings for disbursement of moneys from the trust. The department of attorney general shall represent the department of human services in the proceedings. The applicant, recipient, or trust owner's failure to execute the agreement to obtain moneys or assets from the trust shall make the applicant, recipient, or trust owner ineligible for financial assistance.(B) The provision in subparagraph (A) does not apply to the food stamp program;(12) Stocks or equity in any profit sharing plan. (A) The value of any profit sharing plan shall not be counted as an asset as long as the individual continues to be employed by the firm which controls the profit sharing plan. Any payments made to the individual or family from the profit sharing plan shall be counted as part of the personal reserve.(B) For the food stamp program, profit sharing plan shall be counted as a resource if the cash value is accessible. The cash value of any profit sharing plan shall not be counted as a resource if the cash value is inaccessible as specified in section 17-676-30(a).(C) For the food stamp program, if the individual has terminated employment and receives the profit sharing funds as a nonrecurring lump sum payment, then the payment shall be counted as resource as specified in section 17-676-36(c).(13) Money received by the individual or family from the sale of assets shall be counted as part of the personal reserve;(14) Investments in diamonds, gold, silver, or other precious metals;(15) The equity value of any assets not exempt under sections 17-675-26, 17-675-27, 17-675-28, and 17-675-29. The individual shall submit verification of the value of these assets;(16) Federal tax refunds;(17) Refunds of utility and rental deposits not paid by the department.(b) For the financial assistance programs, the following assets shall be considered in the individual or family personal reserve:(1) The equity value of life insurance policies. Equity value of a life insurance policy shall be determined by subtracting any outstanding loans or encumbrances from the cash value of the policy. The individual shall obtain verification of the equity value of the policy from the insurance company;(2) Any equity in personal property, such as jewelry, a boat, or boat trailer, not exempt in subchapter 4;(3) Any equity in any business;(4) The dollar value of interest received by the family or credited to any accounts for the family from banks, loans, or other sources; and(5) Cash dividends from stocks, life insurance, or other sources.(c) For the food stamp program only, all nonrecurring lump sum payments, such as, but not limited to the following, shall be considered as countable assets to the food stamp household in the month received unless specifically excluded from consideration as an asset by other federal law: (1) Retroactive payments for past months, such as social security, SSI, public assistance, railroad retirement benefits, unemployment compensation benefits, Department of Housing and Urban Development rental refund payments, or other payments;(2) Retroactive annual adjustment payments in the veteran administration's (VA) disability pensions; and(3) Lump sum insurance settlements. Nonrecurring lump sum payments are defined as one-time payments to the food stamp household.
[Eff 3/19/93; am 2/7/94; am 8/1/94; am 2/10/97; am 01/22/02] (Auth: HRS §§ 346-53, 346-71) (Imp: HRS §§ 346-29, 346-71; 7 C.F.R §273.8; 45 C.F.R. §233.20)