Personal property is anything owned by a person that is not land or permanently affixed to land.
Nonexempt personal property includes such items as:
- money in checking and savings accounts;
- stocks, bonds, savings certificates, and other securities;
- farm and small business equipment, unless used for income for self-support (see PM 07-02-11);
- estate bequests; and
- miscellaneous resources that are not real property.
An entrance fee paid to a Continuing Care Retirement or Life Care Community shall be considered an available resource when:
- the entrance fee may be used to pay for care when other resources are insufficient; or
- the individual is eligible for a refund of any remaining entrance fee when the person dies or terminates the contract and leaves the community; or
- the entrance fee does not confer an ownership interest in the community.
See PM 07-02-06-b for personal items such as clothing, personal effects, and household furnishings.
Use the equity value of nonexempt personal property that a person owns or has an interest in, when figuring initial and ongoing eligibility. Verify the amount to be used.
Proceeds from the sale of personal property are considered a nonexempt resource except for estate bequests and stocks and bonds, which are considered as follows:
- Estate Bequests - Lump sum bequests from an estate are resources. When a bequest or interest in an estate is in the form of regular income, consider it as income rather than a resource.
- Stocks or Bonds - If a stock or bond is sold at a profit, the profit portion of the sale price is income and not a resource. The remainder of the money is a resource.