Disregarded income is also disregarded as a resource unless there is regulation stating otherwise. In addition, the following resources are excluded in making a determination of eligibility:
1. Real property which the former ward occupies as a home;
2. Goods of moderate value used in the home;
3. Clothing;
4. Certain trusts (including guardianships) set up for one or more children. These trusts are in some instances limited to the particular beneficiary(ies) and may render this beneficiary(ies) ineligible even though another child(ren) remains eligible (see 479 NAC 6-002.06F1c);
5. Certain life estates in real property (see 479 NAC 6-002.06F2c);
6. Burial spaces (see 479 NAC 6-002.06F2c);
7. Irrevocable burial trusts up to $3,000 per individual and the interest if irrevocable (see 468 NAC 2-008.07A3a);
8. Proceeds of an insurance policy that is irrevocably assigned for the purpose of burial of the ward (see 468 NAC 2-008.07A3b);
9. Income received annually, semi-annually, or quarterly which is prorated on a monthly basis and included in the budget. This is excluded over the period of time it is considered income; and
10. One motor vehicle.
The worth of resources, both available and excluded, is determined on the basis of their equity.
For any of these funds to be excluded as a resource, they must be segregated in a separate account so that they can be identified. If the funds are not in a separate account the worker must allow the former ward or his/her representative 30 days from notification of the requirement to set up a new account. After 30 days the resource is included in the resource limit if the former ward or his/her representative fails to segregate the funds. If this makes the former ward ineligible and the funds are subsequently segregated, the worker must determine eligibility for MA for the month of segregation.
Several excludable resources may be combined in a single account.
{2/23/04}