802 Ownership/Available/Accessible
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Child Care - No requirement Food Stamps - 7 CFR 273.8 POWER - W.S. 42-2-109, W.S. 42-2-202 |
Consider the ownership of a nonexempt asset as available/accessible unless a legal barrier or restriction exists.
A. Assume ownership and availability when the document shows it is owned solely by the applicant or recipient.
B. Assume all funds are available to the applicant/recipient when there is more than one owner on a bank account, CD, etc. and the other owner(s) is not a client.
C. Consider the asset, or a portion of the asset, available when the applicant or recipient can withdraw funds, sell the asset or owned interest in the asset or dispose of the asset in any way.
D. Consider the asset available when the asset is owned by more than one person but the applicant or recipient can access the asset, or a portion of the asset, without the permission of the co-owner even when a statement of refusal to sell is furnished.
E. Consider the asset unavailable when the document, signature card, etc., stipulates more than one signature is needed to withdraw or convert all or part of the asset to available cash and the other owner(s) has refused to sign.
F. Understand policy relating to availability of an asset applies to assets within the state of Wyoming. (Refer to the Example of Availability of Assets)
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Food Stamps - 7 CFR 273.8 |
G. Consider assets as unavailable to persons residing in a shelter for battered women or children, if:
1. The asset is jointly owned by such persons and by members of their former households; and
2. Access to the asset by the shelter resident is dependent upon the agreement of the joint owner who continues to reside in the former household.
H. Exclude nonliquid assets against which a lien has been placed as a result of taking out a business loan and the assistance unit is prohibited by the security or lien agreement with the lienholder from selling the asset.
I. Consider an asset inaccessible if the applicant’s/recipient’s share would not produce returns equal to $1,500 or more. (This provision does not apply to financial instruments such as stocks, bonds and negotiable financial instruments.)
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NOTES:
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Child Care - No requirement Food Stamps - 7 CFR 273.8 POWER – W.S. 42-2-109, W.S. 42-2-202 |
Example - Clarification of Availability of Assets Under P.L. and/or Wyoming Statutes: A. DO NOT exempt assets which are available. 1. An asset is not available when owned by a household member who has no financial responsibility to the assistance unit. (See Section 801) 2. An asset is available when the client owns it, or a portion of it, and has the right to sell or dispose of it, or any portion of it, for her/his own benefit or the benefit of any member(s) of the assistance unit. 3. When an asset is jointly owned, availability is determined in accordance with state law regarding rights of an individual without full ownership to dispose of the asset. 4. Assets owned solely by a SSI recipient are exempt for Food Stamps and POWER. When assets are jointly held by an Aged, Blind and Disabled and SSI recipient or a POWER and SSI recipient, the value is prorated among the owners. 5. Do not exempt assets of disqualified/sanctioned assistance unit members (see Sect. 507). 6. Assets of an alien's sponsor and her/his spouse, if living with the sponsor, are deemed available to the POWER assistance unit until the sponsored alien becomes a U.S. citizen or meets the 40 qualifying quarters of work without receipt of benefits. B. The available assets of an assistance unit must not exceed the program asset limit. 1. Equity value is the CMV (the going rate for the item in the community) less any legal debts against the asset. 2. Current or FMV is the selling price on the open market as set by current standards. FMV may be determined by at least two informal appraisals by real estate dealers, bankers, county assessors or other persons familiar with property values in a given community. C. Real Property – real property is an item which is fixed, permanent or immovable. This includes land, houses, buildings or mobile homes. Unless there is a legal condition of ownership specifically prohibiting sale of any part of the asset without permission of all owners, the client's share is an available asset. 1. Joint Tenancy: This is an estate in fee-simple for life or for years arising by purchase or grant to 2 or more persons. In other words, joint tenants have one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession. The key to this legal ownership is that both parties have an UNDIVIDED interest in a piece of property during their lives. In other words, they don’t own half, but rather they both own equally the entire property. The joint tenancy ends when one of the 2 persons dies. At that point in time, the survivor gets the entire property. Therefore, no heirs inherit from the person who died. It is important to note that neither party may convey or encumber his or her interest in the property without the consent of the other. 2. Joint Tenancy with Survivorship: This is the same thing as the Joint Tenancy. The right of survivorship is the term that is necessary in Wyoming to make it so that when one of the joint tenants dies, the other tenants claim that interest. It is extremely important because in Wyoming if it is unclear, even if you call it a joint tenancy it will be presumed to be a Tenancy in Common with the heirs or estate taking its interest. 3. Tenancy in Common: Each tenant (owner) holds an undivided interest in the property. However, unlike a joint tenancy by the entirety, the interest of the tenant does NOT terminate upon his or her death. Their interest will go to their heirs or the estate. So, for example, if there are 2 tenants in common, then if one dies and they have 4 heirs, then 5 people now own the property. But, the survivor owns an undivided one-half interest and the 4 heirs together own a one-half interest. Also, unlike the joint tenancy, this does not have to be made in the same conveyance which just means one instrument all at the same time. 4. Ownership by Entireties: This is basically the exact same thing as Joint Tenancy only it is created between a husband and a wife. |