Consider the total amount on deposit in a joint bank account, of which the applicant or participant is one of the owners, as available unless there is verification the money placed in the account or a definite portion of it belongs to the other joint owner(s). If the applicant/participant is married and living with spouse, […]
Personal property or assets is defined as household goods, jewelry, farm surpluses, livestock, farm or business machinery or equipment, automobiles and trucks, and similar items. The following items are considered available resources: Boats, campers, trailers, and recreational vehicles not used as the applicant/participant’s homestead. Motorcycles, unless only one is owned and it is the applicant/participant’s […]
In cases where the couple’s total non-exempt assets are less than the minimum spousal share, the institutionalized spouse receives an additional 90-day protected period to transfer assets received after approval for assistance, provided there is a new Intent to Transfer Assets Agreement signed. The additional protected period applies ONLY when the community spouse does not […]
Proceeds from a loan are anything an individual or their spouse receives from someone that they agree to pay for at a later date. The applicant/participant or their spouse can make the agreement with a lending institution such as a bank, or another individual. The loan agreement must be enforceable under State law. A loan […]
Determining the Resource Value of Promissory Notes in which the applicant is the Lender: The Promissory note is a negotiable agreement: Assume the resource value is the outstanding principal balance owed on the note unless verification is provided the note cannot be sold for that amount to a third party – at which time its […]
Reverse Mortgages are a common asset/liability held by many Missouri seniors. Under a reverse mortgage, a senior is allowed to borrow funds from a reverse mortgage bank, with the senior’s home being used as collateral for the loan, often allowing the senior to have the necessary funds to remain in the home. The loan becomes […]
