SNAP ASSET GUIDELINES
Categorically Eligible Households
Non-categorically Eligible Households
Non-SSI HH member is elderly (age 60 or older) and gross income is over the 200% limit
All other non-categorically eligible households
Currency, checks, or bank drafts in the possession of, or available to, the household.
A self-declaration of the amount available to the household is acceptable.
Bank deposits are deposits in a bank, savings and loan institution, credit union, or other financial institution. Bank deposits may be in the form of:
Funds in a bank account are considered available only to the extent that the household has both ownership of and access to the funds.
If a household member is a co-holder, the entire amount on deposit must be considered available as an asset, unless the applicant or client demonstrates otherwise.
A household member who states that s/he is not the owner, or is only partial owner, must demonstrate the ownership of the funds. A household member who states that s/he has no access, or only partial access to the funds, must demonstrate such lack of access.
Verification of Bank Deposits and Joint Accounts
The verification of bank deposits and joint accounts must be within 45 days of the application, recertification, or reported change date. Acceptable verifications include but are not limited to:
Securities such as:
Tradable securities are valued at the most recent closing bid price, and non-tradable securities are valued at current equity value. A security for which there is no market or which is inaccessible is non-countable.
Verification of Securities
The number of securities owned must be substantiated by the written statement of the household. Any one of the following will be sufficient verification of the current value of the security:
A claim that a particular security is inaccessible must be verified by:
Nonrecurring Lump Sum Income
Nonrecurring lump sum payments include, but are not limited to:
These payments must be counted as an asset in the month received, unless exempt. When a lump sum payment puts a household’s total assets over the asset limit, you must allow the household to update its entire asset statement. If the household fails to update the asset information, terminate the case.
Verification of Nonrecurring Lump Sum Income
Lump sum payments must be verified by one of the following:
Real estate, land or buildings (other than principal home and lot)
The equity value of all land or buildings that is not exempt must be counted in the determination of the household’s eligibility. Equity value is the fair market value less encumbrances.
The fair market value and equity value of all countable land and buildings must be verified. Fair market value will be verified by a copy of the most recent tax bill or recent property tax assessment, provided the assessment is not:
If a current property tax assessment is not available or the household wishes to rebut the fair market value, a comparable market analysis or written appraisal of the value of the land or buildings from a knowledgeable source will establish the fair market value. A knowledgeable source is:
The household must be notified in writing via the SNAPNL-2 of procedures to rebut the Department’s fair market value determination.
Verification of Ownership
Lack of access to and ownership of the funds can be demonstrated by the household member’s having his/her name removed from the account. If the household member cannot remove or chooses not to remove his or her name from the account, then lack of either access or ownership must be verified.
Prior to determining lack of ownership, there must be a determination of whether the household member has access to the account. If lack of access is demonstrated, the funds are not available. If the verification submitted does not demonstrate lack of access, you must proceed to determine ownership.
Verification that the household member lacks ownership of, or has only partial ownership of, the funds in the account can be demonstrated by at least two (2) of the following:
Assets Exempt By Law
Certain assets are non-countable for SNAP purposes by a specific provision in federal law. The following is a listing of some of the assets excluded by federal law:
Assets of Certain Household Members
The assets of SSI and /or TAFDC household members if the household members receive benefits under one or more of the following titles of the Social Security Act:
· Title XVI (SSI);
· Titles I, X, or XIV for the aged, blind, or disabled; or
· Title IV-A (TANF).
The assets of individuals for whom state and/or federal foster-care maintenance payments are made, including the child of the foster child when the foster-care maintenance payment includes the child for whom state and/or federal adoption assistance is provided.
TAFDC/FEP-Individual Asset Account
Funds maintained in an Individual Asset Account (IAA) as part of the TAFDC Full Employment Program (FEP) must be excluded until receipt of such funds by the individual upon termination of FEP employment. Funds received from the IAA upon termination of FEP employment are countable.
Any portion of a Workers’ Compensation, property damage, personal injury, Compensation to Victims of Violent Crimes Act, death settlement or award, except for compensation for lost wages, received as a reimbursement for specified items and used to pay for such items.
Treatment of Exempt Funds
Inaccessible assets include, but are not limited to:
· security deposits on rental property or utilities;
· property in probate;
· property that the household is making a good faith effort to sell at a reasonable; price and that has not been sold; and
· irrevocable trust funds.
A trust is considered an irrevocable trust fund when:
· it is not likely to terminate during the certification period and no member of the household has the power to revoke the trust or change the beneficiary;
· the trustee is a court, institution, organization or corporation and is not under the direction of a household member, the appointed trustee has court imposed; limitations placed on the use of the funds or the trustee is not under the direction or control of any household member;
· the investments made by the trust are made without the assistance or direct involvement by a household member; and
· the funds, established from a household's own funds, where the trustee must make investments on behalf of the trust or to pay educational; or medical expenses for any person named by the household creating the trust, or established from non-household funds by a non-household member.
Verification of Inaccessibility
Verification of Inaccessibility is mandatory at recertification or anytime circumstances regarding accessibility change. The following documents are acceptable:
· a copy of the original legal instrument that established the trust;
· legal or financial statements that document the inaccessibility;
· documents showing the unsuccessful attempt of the household member to convert the asset to cash; and
· documents that show how the holders name appears on the account:
§ if the account is titled A or B, both individuals have full access to the account
§ if the account is titled A and B, neither individual has access to the account without the consent of the co-holder. The household member must submit a written statement from the co-holder denying such consent. If the household member is unable to obtain such a statement, he or she may submit an affidavit stating that he or she does not have the co-holder’s consent
§ if the account is titled A in trust for B, or A for B, A has full access to the account and B has no access to the account
§ if the account title contains only one name, that individual has full access to the account
§ the household member demonstrates lack of ownership with a statement from the institution about its inaccessibility
Assets Policy and Procedures