WAG 07-03-05.

Personal property is anything owned by a person that is not land or permanently affixed to land.

Personal items such as, clothing, personal effects, and household furnishings are exempt.

Nonexempt personal property includes:

  • money in checking and savings accounts;
  • cash on hand;
  • stocks, bonds, savings certificates, and other securities;
  • trust funds;
  • motor vehicles;
  • life insurance;
  • cemetery lots and burial crypts;
  • farms and small businesses;
  • estate bequests; and
  • miscellaneous assets.

The equity value of any nonexempt personal property owned by a unit member, must be verified and used when determining initial and ongoing eligibility. This includes any personal property that a client has a joint interest in.

Proceeds from the sale of personal property are considered a nonexempt asset except for estate bequests and stocks and bonds, which are considered as follows:

  • Estate Bequests - Lump sum bequests from an estate are an asset. When a bequest or interest in an estate is in the form of regular income, consider it as income rather than an asset.
  • Stocks or Bonds - If a stock or bond is sold at a profit, the profit portion of the sale price is income and not an asset. The remainder of the money is an asset.