402.27.11 Contents of a Safety Deposit Box (Eff.10/01/05) An applicant/beneficiary or his/her spouse may have a safe deposit box. Some of the contents may be countable as resources. Treatment Verification Treatment is dependent upon the type of Obtain a signed, written statement from the resources, if any, that are contained in the applicant/beneficiary, the spouse, or the safety deposit box (such as a stock authorized representative listing the contents certificate; coins; jewelry; life insurance of the safety deposit box. policies). For any resource contained in the box, obtain to appropriate MPPM sections for appropriate verification of the value (such as specific resources.) financial statements, knowledgeable source statements) 402.27.12 Non-Home Real Property (Eff.10/01/05) This is land and any permanent buildings/immovable objects attached to it that are not considered a principal of residence. Treatment Verification Generally, a countable resource if it can be Ownership and/or value may be verified by: sold at its CMV. Tax assessment notice or bill Resource value is the CMV minus any Current mortgage statement legal debt. Deed If jointly owned, count the individual’s Report of title search share. Wills, court records, or other documentation of inheritance Exclusion can be developed if there is a bona Appraisal fide effort to sell. (Refer to MPPM .) Bona-Fide effort to sell can be verified by: Copy of realtor listing (must set up a tickler file to update when listing expires) Copy of newspaper advertisement Rebuttal of Fair Market Knowledgeable source statements Example of when a rebuttal may be done: Condemned property
402.27.11 Contents of a Safety Deposit Box (Eff.10/01/05) An applicant/beneficiary or his/her spouse may have a safe deposit box. Some of the contents may be countable as resources. Treatment Verification Treatment is dependent upon the type of resources, if any, that are contained in the safety deposit box (such as a stock certificate; coins; jewelry; life insurance policies). to appropriate MPPM sections for specific resources.) Obtain a signed, written statement from the applicant/beneficiary, the spouse, or the authorized representative listing the contents of the safety deposit box. For any resource contained in the box, obtain appropriate verification of the value (such as financial statements, knowledgeable source statements) 402.27.12 Non-Home Real Property (Eff.10/01/05) This is land and any permanent buildings/immovable objects attached to it that are not considered a principal of residence. Treatment Verification Generally, a countable resource if it can be sold at its CMV. Resource value is the CMV minus any legal debt. If jointly owned, count the individual’s share. Exclusion can be developed if there is a bona fide effort to sell. (Refer to MPPM .) Ownership and/or value may be verified by: Tax assessment notice or bill Current mortgage statement Deed Report of title search Wills, court records, or other documentation of inheritance Appraisal Bona-Fide effort to sell can be verified by: Copy of realtor listing (must set up a tickler file to update when listing expires) Copy of newspaper advertisement Rebuttal of Fair Market Knowledgeable source statements Example of when a rebuttal may be done: Condemned property
Chapter_402.docx