PM 07-02-06
Verify and document personal property as follows:
Resources in Banks and Savings Institutions
Use the following items and processes to verify bank and savings resources:
- current bank books or statements;
- current credit union statements;
- current savings and loan association statements;
- savings certificates;
- records of banks - Bank Inquiry (Form 46 or Form 46CF) may be used;
- records of other institutions;
- discuss the contents of a safe deposit box with the customer; accept the customer's statement on the contents of the safe deposit box, listing the contents in the case record. You do not need to view the contents of a safe deposit box to verify the customer's statement unless there is a good reason to doubt their statement. In such a case, the caseworker should make an appointment with the customer to view the contents of the box.
Any individual nonexempt resources in a safe deposit box, such as stocks, bonds, etc., must be verified.
Stocks, Bonds, Savings Certificates, Other Securities
Use the following items to verify stocks, bonds, etc.:
- certificates on documents;
- records of stock broker;
- records of firm issuing stock.
List all stocks and bonds in the case record. Give a complete description of each security including:
- complete name of the issuing company along with the name of the transfer agent, if one is named;
- address of principal office; if not available, give the name of the state in which the company is incorporated;
- number of the certificate and date issued;
- number of shares and kind (common, preferred);
- kind of bond and denomination (e.g. mortgage, debenture, $1000, $500, $100);
- interest rate of bond and whether the interest coupons have been clipped to date;
- current market price; and
- co-owner if there is one.
Farms and Small Businesses
Complete a Farm Work Sheet (Form 210) to document exempt income-producing farm resources. Complete Form 210 at initial application or REDE, regardless of whether or not the farm is actually producing income.
NOTE: Grain being held for sale at an advance in price is not exempt. It can be sold at any time.
Complete a Schedule for Small Business (IL 444-0191) to document exempt income-producing business resources. Complete Form 191 at initial application or REDE, regardless of whether or not the business is actually producing income.
When completing Form 210 or (IL 444-0191) or if a customer's business or farming operation has ceased and the equipment, etc. is idle, obtain the cash market value of the equipment from a dealer or auctioneer in new or used equipment of that type. When requesting an evaluation, provide a complete description of the article.
Bequests or Interests in Estates
When an estate is not settled within a year or when the client's interest in the estate is unclear, send a memorandum to the Bureau of Collections, Field Recovery Unit, Springfield, explaining the situation.
Trusts and Minor's or Incompetent Individual's Estates
Tell the guardian of the estate of a minor or an incompetent person to petition the court for approval to spend the principal of the estate for the needs of the ward. If the guardian refuses to petition the court, the ward is ineligible for cash.
Refer each case with a trust to Long Term Care - Asset Discovery Investigation (LTC-ADI) and each case with a minor's or incompetent person's estate to the Technical Recovery Unit. The referral must include:
- name of the trustee and the court having jurisdiction over the trust fund;
- the amount of money or value of the property in the estate;
- the terms of the trust;
- an appraisal of the value of any real property involved;
- the principal of the trust or estate;
- income or profits from the estate; and
- any action being taken to sell securities or property in the estate or to acquire a loan against the estate.
Miscellaneous Resources
When the person owns other personal property such as mineral or oil rights, royalties, copyrights, patents, etc., contact the HFS Bureau of Medical Eligibility and Special Programs ("Policy") for an evaluation and recommendation.
