Wyoming Administrative Code › Agency 049 - Family Services, Dept. of › Sub-Agency 0030 - Personal Opportunities w/ Employment Responsibilities › Chapter 1 - Personal Opportunities With Employment Responsibilities › Section 1-12 - Types of Assets and Treatment

Current through July 13, 2024
TYPE OF ASSET
TREATMENT
Advanced Earned Income Tax Credit (AEITC)
Exempt in the month of receipt and the following 11
							 months.
Burial funds < $1,500
Exempt $1,500 for each person in the assistance unit
							 when funds are in a bona fide burial agreement, burial trust or contract (does
							 not apply to bank accounts). The funds are no longer exempt if withdrawn for a
							 purpose other than burial.
Burial plot
Exempt one (1) for each person in the family
							 unit.
Cash gifts
Exempt up to $50 per recipient per
							 quarter.
Commingled funds
Do not exempt funds when previously exempt funds are
							 commingled with nonexempt funds.
Earned Income Tax Credit (EITC)
Exempt the EITC in the month received and the
							 following month. Any remaining portion is to be considered nonexempt in the
							 third (3rd) month.
Educational funds
Exempt educational loans, grants and scholarships
							 which are designated for educational purposes only and not commingled with
							 other nonexempt funds.
Home (Also see Land, buildings and other real
							 property)
Exempt the home which is the current place of
							 residence including the building and land upon which it is located, the land
							 that appertains the home and all the buildings and/or mobile homes located
							 thereon.
Household furnishings/ goods and personal
							 effects
Exempt those items determined to be essential for
							 day-to-day living.
HUD escrow account
Exempt a HUD escrow account which was established
							 under the Family Self-Sufficiency Program for participants receiving housing
							 assistance and the funds remain in the account.
IIM account (restricted)
Exempt IIM's when only moneys listed under P.L. are
							 deposited and BIA authorization is required to withdraw or use the deposited
							 funds.
Income producing property
Exempt income producing property of a self-employed
							 client, excluding real property. If unemployed, s/he must be reasonably
							 expected to return to that line of work for the exemption.
Indian judgment funds
Exempt funds appropriated in satisfaction of
							 judgments of the Indian Claims Commission or Claims Court in favor of any
							 Indian tribe or band to include:
1. Cash retained after the month of receipt to the
							 extent it does not exceed $2,000 per individual in total;
2. Stock (including stock issued or distributed by a
							 Native Corporation as a dividend or distribution on stock);
3. A partnership interest;
4. Land or an interest in land (including that
							 received from a Native Corporation as a dividend or distribution on stock);
							 and
5. An interest in a settlement trust.
Insurance settlement for damaged property
1. Exempt money received from an insurance settlement
							 for the repair or replacement of property which is lost, damaged or stolen for
							 90 days or until the client makes a decision not to repair or replace the
							 property, whichever happens first.
2. Require the funds to be maintained separately
							 from other funds and not commingled.
3. Exempt the interest earned on this money.
4. Consider the entire amount or the excess a lump
							 sum payment (income) when the insurance settlement is not used for or exceeds
							 the cost of the replacement or repair.
Joint bank account
Exempt for the month following the month of deposit
							 when the applicant/or recipient cannot legally withdraw the funds from the
							 account.
Livestock, Farm Machinery, Tools
Count the average of two (2) appraisals/estimates of
							 the fair market value and subtract any legal encumbrances when not used for
							 self-support. Exempt if used for self-employment or there is a reasonable
							 expectation the self-employment will resume within 12 months of last
							 use.
Loans
When the household is the lender: 1. Exempt the
							 unpaid loan balance if the note cannot readily be liquidated or if the note has
							 no FMV because it cannot be sold. 2. The principal amount on the loan payment
							 is considered a nonexempt asset. When the client is the borrower: 1. Exempt the
							 loan proceeds unless the funds are placed/transferred to an accessible asset.
Lump sum
A lump sum is exempt unearned income and a nonexempt
							 asset in the month of receipt. The balance is an asset in the month(s)
							 following the month of receipt.
PASS account
Exempt income and assets of an SSI
							 recipient.
Property
.
Exempt property: 1. That is used for self-employment,
							 excluding real property; 2. That is unavailable or has a barrier to sale; and
							 3. Belonging to an SSI recipient, an ineligible stepparent, ineligible
							 parent(s) of a minor parent or ineligible caretaker relative (other than a
							 parent)
Resource replacement (See Insurance settlement
							 also)
Exempt any governmental payments which are designated
							 for restoration of a home damaged in a disaster when the family unit must
							 legally use the funds for that purpose.
Retirement/ Pension plans/ funds - not
							 available
Exempt pension/retirement funds not available or
							 belonging to an ineligible individual/spouse.
Retroactive RSDI and SSI payments
Exempt income and assets of an SSI recipient. (RSDI
							 is nonexempt and considered a lump sum payment (income) when retroactive.)
Savings of a dependent child
Exempt savings of a dependent child who is a full
							 time secondary student under the age of 18 when deposited from the child's
							 earned income and designated for future educational purposes and not commingled
							 with nonexempt funds.
Vehicles - Leased
Exempt during the contract or agreement period. If
							 purchased, treat as a licensed/unlicensed vehicle, as appropriate.
Vehicles - Unlicensed
Count the equity value of the unlicensed vehicle
							 unless used in self-employment and does not require licensing, i.e.
							 farming.
Vehicles - (See leased and unlicensed vehicles also)
							 This category includes: cars, motorcycles, vans, trucks, other vehicles used
							 for transportation
Allow the exclusion of two (2) duly registered and
							 licensed motor vehicles from personal assets in determining eligibility for any
							 assistance unit. Use the equity value of all other licensed or unlicensed
							 vehicles toward the asset limit.
Victims Compensation payments
Exempt payments until the total amount paid is
							 sufficient to fully compensate the individual for losses suffered as a result
							 of the crime.