Section 470 IAC 10.3-4-2 - Real and personal property ownershipAuthority: IC 12-13-2-3; IC 12-13-5-3; IC 12-13-7-5; IC 12-14-28-7
Affected: IC 12-14-1-1; IC 12-14-2-1; IC 30-2-10
Sec. 2.
(a) The following definitions apply throughout this rule: (1) "Availability" means an individual has the right, authority, or ability to liquidate: (B) their share of the property.(2) "Equity value" means the current market value less the total liens or encumbrances against the property.(3) "Liquid assets" means the cash or financial instruments that are convertible into cash.(4) "Market value" means the price the property can reasonably be sold for on the open market.(b) The limitations set forth in this rule regarding ownership of real and personal property apply in determining eligibility for TANF assistance.(c) An assistance group is ineligible for assistance if the total value of their equity in real and personal property, unless exempted by subsection (d), exceeds: (1) one thousand dollars ($1,000) at application; or(2) once eligibility is established, the amount set forth in IC 12-14-1-1(b).(d) The value of the following items of real and personal property is exempt from consideration in determining eligibility for assistance: (1) The home that is the usual residence of the assistance group.(2) The amount of equity in motor vehicles set forth in IC 12-14-2-1(b)(3).(3) The equity value of any apparatus installed in a motor vehicle for the use or benefit of a disabled person.(4) Household goods and personal effects.(5) Livestock, farm implements, and tools used in the production of: (C) produce; for home consumption.(6) The proceeds, or any interest earned on the proceeds, of casualty insurance received as a result of:(D) theft; of exempt real or personal property if the applicant or recipient demonstrates that the proceeds are being used to replace the damaged, destroyed, lost, or stolen exempt property.(7) One (1) burial plot and one thousand five hundred dollars ($1,500) equity value in one (1) written funeral contract for each member of the TANF assistance group.(8) Real property for sale is exempt for one (1) six (6) month period beginning after the date of signature on the agreement to sell the property.(9) Individual development accounts.(10) 529 College Savings Plans.(11) Coverdell Education Savings Accounts.(e) If an assistance group owns more than one (1) motor vehicle: (1) the equity exclusion is applied against the motor vehicle with the highest equity; and(2) no equity exclusion is applied to the other motor vehicles.(f) The proceeds from the sale of an item of real or personal property are considered a resource subject to this rule.(g) Liquid assets jointly owned between participating assistance group members and individuals who are nonrecipients are presumed to be available in total to the assistance group member. This presumption of availability may be rebutted as provided in subsection (h).(h) The presumption of jointly owned liquid assets under subsection (g) may be successfully rebutted under the following circumstances:(1) Verification of each owner's share.(2) Assets of the participating assistance group member are not commingled with an individual who is not a participating member of the same assistance group.(i) Jointly owned real and personal resources that are not liquid assets are presumed to be proportionately available to each joint owner.Division of Family Resources; 470 IAC 10.3-4-2; filed Oct 31, 2007, 9:57 a.m.: 20071128-IR-470070087FRA; filed Jul 5, 2011, 1:36 p.m.: 20110803-IR-470100244FRA; readopted filed Aug 23, 2013, 3:36 p.m.: 20130918-IR-470130306RFAReadopted filed 11/13/2019, 11:56 a.m.: 20191211-IR-470190490RFAFiled 9/30/2024, 2:08 p.m.: 20241030-IR-470240219FRA