N.M. Admin. Code § 8.248.500.14

Current through Register Vol. 35, No. 21, November 5, 2024

Section 8.248.500.14 - RESOURCE EXCLUSIONS

The following resources are not to be considered for purposes of determining LIS eligibility:

A. Applicant's home: A home is any property in which the applicant and spouse have an ownership interest and which serves as the applicant's principal place of residence. There is no restriction on acreage of home property. This property includes the shelter in which an individual resides, the land on which the shelter is located, and any outbuildings.

B. Non-liquid resources, other than real property: These include, but are not limited to:

(1) household goods and personal effects;

(2) automobiles, trucks, tractors and other vehicles;

(3) machinery and livestock; and

(4) non-cash business property.

C. Property of a trade or business: Property of a trade or business that is essential to the applicant/spouse's means of selfsupport.

D. Non-business property: Non-business property that is essential to the applicant/spouse's means of self-support.

E. Stock in regional or village corporations: Stock in regional or village corporations held by natives of Alaska during the 20-year period in which the stock is inalienable pursuant to the Alaska Native Claims Settlement Act.

F. Whole life insurance: Whole life insurance owned by an individual (and spouse, if any) if the total face value of all the life insurance policies on any person does not exceed $1,500. When the total face value of all policies exceeds $1,500, the cash surrender value of all policies is countable.

G. Term life insurance: Term life insurance that has no cash surrender value.

H. Restricted, allotted Indian lands: Restricted, allotted Indian lands, if the Indian/owner cannot dispose of the land without the permission of other individuals, their tribe, or an agency of the federal government.

I. Payments or benefits: Payments or benefits provided under a federal statute other than title XVI of the act where exclusion is required by such statute.

J. Federal disaster relief: Federal disaster relief assistance received on account of a presidentially declared major disaster, including accumulated interest, or comparable state or local assistance.

K. Funds of $1,500: Funds of $1,500 for the individual and $1,500 for the spouse who lives with the individual if these funds are intended to be used for funeral or burial expenses of the individual and spouse.

L. Burial spaces: Burial spaces, including burial plots, gravesites, crypts, mausoleums, urns, niches, vaults, headstones, markers, plaques, burial containers, opening and closing of the gravesite, and other customary and tradition repositories for the deceased's bodily remains, for the applicant/spouse.

M. Retained retroactive SSI or social security: Retained retroactive SSI or social security benefits for nine months after the month they are received.

N. Certain housing assistance:

O. Refunds: Refunds of federal income taxes and advances made by an employer relating to an earned income tax credit for the month following the month of receipt, and refunds of child tax credits for nine months after the month they are received.

P. Payments: Payments received as compensation incurred or losses suffered as a result of a crime (victims' compensation payments), for nine months beginning with the month following the month of receipt.

Q. Relocation assistance: Relocation assistance for a state or local government, for nine months, beginning with the month following the month of receipt.

R. Dedicated financial institution accounts: Dedicated financial institution accounts consisting of past-due benefits for an SSI-eligible individual under age 18.

S. Gifts: A gift to, or for the benefit of, an individual who has not attained 18 years of age and who has a life-threatening condition, from an organization described in section 501(c)(3) of the internal revenue code of 1986 which is exempt from taxation under Section 501(a) of such code. The resource exclusion applies to any in-kind gift that is not converted to cash, or to a cash gift that does not exceed $2,000.

T. Funds received:

Funds received from a government or nongovernmental agency, program, or health insurance policy whose purpose is to provide medical care or medical services or social services and conserved to pay for medical or social services.

N.M. Admin. Code § 8.248.500.14

8.248.500.14 NMAC - N, 2-1-06, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024