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.