Hawaii Administrative Rules
Title 17 - DEPARTMENT OF HUMAN SERVICES
Department of Human Services
Chapter 675 - ASSETS
Subchapter 5 - ASSETS TO BE CONSIDERED
Section 17-675-36 - Assets to be considered
Universal Citation: HI Admin Rules 17-675-36
Current through August, 2024
(a) Unless exempted in subchapter 4, the following assets shall be considered in the individual or family personal reserve:
(1) Cash on
hand;
(2) Cash in savings and
checking accounts;
(3) Stocks and
bonds. The individual shall obtain verification of the value of stocks and
bonds from a stock brokerage firm;
(4) Time deposits and savings certificates.
The individual shall obtain verification of the value of assets from the
financial institution where the funds are deposited;
(5) State tax refunds, including state excise
tax credits and state income tax credits;
(6) Governmental debenture bonds, such as
savings bonds, treasury notes, or municipal bonds. The individual shall obtain
verification of the value of these assets from financial institutions or stock
brokerage firms;
(7) Mutual fund
shares. The individual shall obtain verification of the value of the mutual
fund shares from a stock brokerage firm;
(8) The equity in burial plots, funeral plans
or agreements, or burial vaults, not exempt in section
17-675-27.
Equity shall be determined by subtracting all encumbrances from the market
value. The individual shall provide verification of the equity value of burial
plots, funeral plans or agreements, or burial vaults;
(9) The nonexempt value of motor
vehicles;
(10) Any equity in real
property not used as the family home, not exempt in section
17-675-26
or
17-675-48;
(11) Moneys or assets in trust funds;
(A) For the financial assistance program
only, if an irrevocable trust is involved or there is a legal impediment to the
current availability of money or assets of the trust, the applicant, recipient,
or trust owner shall execute an agreement to allow the department of human
services to institute proceedings for disbursement of moneys from the trust.
The department of attorney general shall represent the department of human
services in the proceedings. The applicant, recipient, or trust owner's failure
to execute the agreement to obtain moneys or assets from the trust shall make
the applicant, recipient, or trust owner ineligible for financial
assistance.
(B) The provision in
subparagraph (A) does not apply to the food stamp program;
(12) Stocks or equity in any profit sharing
plan.
(A) The value of any profit sharing
plan shall not be counted as an asset as long as the individual continues to be
employed by the firm which controls the profit sharing plan. Any payments made
to the individual or family from the profit sharing plan shall be counted as
part of the personal reserve.
(B)
For the food stamp program, profit sharing plan shall be counted as a resource
if the cash value is accessible. The cash value of any profit sharing plan
shall not be counted as a resource if the cash value is inaccessible as
specified in section
17-676-30(a).
(C) For the food stamp program, if the
individual has terminated employment and receives the profit sharing funds as a
nonrecurring lump sum payment, then the payment shall be counted as resource as
specified in section
17-676-36(c).
(13) Money received by the
individual or family from the sale of assets shall be counted as part of the
personal reserve;
(14) Investments
in diamonds, gold, silver, or other precious metals;
(15) The equity value of any assets not
exempt under sections
17-675-26,
17-675-27,
17-675-28,
and
17-675-29.
The individual shall submit verification of the value of these
assets;
(16) Federal tax
refunds;
(17) Refunds of utility
and rental deposits not paid by the department.
(b) For the financial assistance programs, the following assets shall be considered in the individual or family personal reserve:
(1) The equity value of life
insurance policies. Equity value of a life insurance policy shall be determined
by subtracting any outstanding loans or encumbrances from the cash value of the
policy. The individual shall obtain verification of the equity value of the
policy from the insurance company;
(2) Any equity in personal property, such as
jewelry, a boat, or boat trailer, not exempt in subchapter 4;
(3) Any equity in any business;
(4) The dollar value of interest received by
the family or credited to any accounts for the family from banks, loans, or
other sources; and
(5) Cash
dividends from stocks, life insurance, or other sources.
(c) For the food stamp program only, all nonrecurring lump sum payments, such as, but not limited to the following, shall be considered as countable assets to the food stamp household in the month received unless specifically excluded from consideration as an asset by other federal law:
(1) Retroactive payments
for past months, such as social security, SSI, public assistance, railroad
retirement benefits, unemployment compensation benefits, Department of Housing
and Urban Development rental refund payments, or other payments;
(2) Retroactive annual adjustment payments in
the veteran administration's (VA) disability pensions; and
(3) Lump sum insurance settlements.
Nonrecurring lump sum payments are defined as one-time payments to the food stamp household.
Disclaimer: These regulations may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
