Illinois Administrative Code › Title 89 - SOCIAL SERVICES › Part 113 - AID TO THE AGED, BLIND OR DISABLED › Subpart C - FINANCIAL FACTORS OF ELIGIBILITY › Section 113.141 - Exempt Assets

Current through Register Vol. 48, No. 28, July 12, 2024
a) The following
				assets are exempt from consideration in determining eligibility for assistance
				and the amount of the assistance payment:
1)
				Homestead property.
2) Personal
				Property
A) Personal effects extraordinarily
				and household goods of reasonable value (reasonable value means the client's
				equity value in the property does not exceed $2,000). Wedding and engagement
				rings and items required due to medical or physical condition.
B) Regardless of the value, personal effects
				and household goods are exempt in determining the amount allowed as the
				Community Spouse Asset Allowance (as described at 89 Ill. Adm. Code
				120.379).
3) Resources (for example, land, buildings,
				equipment and supplies or tools) necessary for self-support up to $6,000 of the
				individual's equity in the income producing property, provided the property
				produces a net annual income of at least 6% of the excluded equity value of the
				property. The equity value in excess of $6,000 is applied toward the asset
				disregard. If the activity produces income less than 6% of the exempt equity
				due to reasons beyond the individual's control (for example, the individual's
				illness or crop failure) and there is a reasonable expectation that the
				individual's activity will increase to produce income equal to 6% of the equity
				value (for example, the medical prognosis is that the individual is expected to
				respond to treatment or drought resistance corn will be planted), the property
				is exempt. If the individual owns more than one piece of property and each
				produces income, each is looked at to see if the 6% rule is met and then the
				amount of the individual's equity in all of those properties are totaled to see
				if the total equity is $6,000 or less.
4) Automobile
A) exclude one automobile, regardless of
				value, used by the client, spouse, or other dependent if:
i) it is necessary for employment;
ii) it is necessary for the medical treatment
				of a specific or regular medical problem;
iii) it is modified for operation by or
				transportation of a handicapped person;
iv) it is necessary because of factors such
				as climate, terrain or distance to provide necessary transportation to perform
				essential daily activities; or
v)
				one vehicle for each spouse is exempt in determining the amount allowed as the
				Community Spouse Asset Allowance (as described at 89 Ill. Adm. Code
				120.386).
B) if not excluded in subsection (a)(4)(A),
				exclude one automobile to the extent the fair market value does not exceed
				$4,500. Apply the excess fair market value toward the asset disregard (see
				Section 113.142). The Department will
				determine fair market value in accordance with 89 Ill. Adm. Code
				121.57(b)(2)(D)(iv).
C) for all other automobiles, apply the
				equity value (fair market value minus any encumbrance) toward the asset
				disregard (see Section 113.142).
5) Life insurance policies with a total face
				value of $1,500 or less and all term life insurance policies. If total face
				value exceeds $1,500, the cash surrender value must be counted as a
				resource.