Tenn. Comp. R. & Regs. 1240-01-50-.06

Current through October 22, 2024

Section 1240-01-50-.06 - COUNTABLE RESOURCES

The fair market value of liquid resources and the fair market value less encumbrances (equity) of non-liquid resources are used to determine the total countable resources available to the AG.

(1) The Following Are Counted As Liquid Resources:

(a) Cash on hand.

(b) A checking or savings account in a bank or other savings institution including credit union. (In a checking account, only that amount which exceeds known monthly income is counted as a resource.)

(c) Savings certificates.

(d) Stocks and bonds.

(e) Burial Agreements. Count the equity value in excess of $1,500 of one burial agreement per assistance unit member if the burial agreement is revocable and accessible.

(f) Proceeds from the sale of exempt property, which was received as a lump sum and intended to be used to replace the exempt resource, if retained longer than three (3) months.

(g) Proceeds from estate settlement, if received as a lump sum.

(h) Individual Retirement Accounts (IRAs and Keogh Plans). The cash value, minus any penalty for early withdrawal, of IRAs and funds in Keogh plans shall be considered accessible resources, unless the AG can establish otherwise.

(i) Other Non-Recurring Lump Sum/Retroactive Payments. Lump sum liquid resources such as the following are considered a resource in the month received, unless specifically excluded from consideration as a resource by other federal laws and regulations;

1. Retroactive Payments such as RSDI, Veterans Benefits, Unemployment Compensation and Workers Compensation;

2. Windfalls, cash gifts, prizes and awards;

3. Income tax refunds;

4. Tax rebates and credits;

5. Refunds of security deposits on rental property or utilities;

6. Vacation pay withdrawn in a lump sum payment by an employee who has been laid off. If the employee chooses not to withdraw his/her vacation pay and leaves the vacation time with the employer in case he/she is called back to work, the value of the vacation pay is counted as a resource.

(j) Resources of Non-AG Members. Resources of individuals disqualified because of an intentional program violation or a Families First Employment and Training program sanction count in their entirety to the remaining AG members.

(2) Countable Non-Liquid Resources.

(a) Unless otherwise exempt, the equity in all non-liquid resources shall be counted as a resource. Examples are as follows:

1. Non-exempt licensed and unlicensed vehicles;

2. Non-exempt buildings;

3. Non-exempt land;

4. Recreational properties;

5. Property such as boats, vacation homes and mobile homes, or other property not specifically excluded;

6. Non-exempt personal property; and

7. Insurance policies:

(i) The total cash value of all policies is considered in relation to the personal property reserve.

(ii) The owner of insurance is considered to be the insured person named in the policy, unless otherwise specified by the insurance company.

(b) Resources of individuals disqualified because of an intentional program violation or a Families First Employment and Training program sanction count in their entirety to the remaining AG members.

Tenn. Comp. R. & Regs. 1240-01-50-.06

Original rule filed December 2, 1996; effective February 15, 1997.

Authority: T.C.A. §§ 4-5-201 et seq., 71-1-105, Public Acts of 1996, Chapter 950, 45 C.F.R. 233.20, and § 1115 of the Social Security Act.