(A)
Requirements. An inaccessible asset is one that is not
available to the individual and is not counted when determining eligibility for
Transitional Cash Assistance. Inaccessible assets include, but are not limited
to:
(1) Property that is the subject of legal
proceedings and irrevocable trust funds; and
(2) Any funds in a trust, and the income
produced by that trust, to the extent it is not available to the assistance
unit, if all of the following conditions are met:
(a) No assistance unit member has the power
to revoke the trust or change the name of the beneficiary;
(b) The trustee administering the trust is:
1. a court or an institution, corporation, or
organization that is not owned or operated by any assistance unit
member;
2. an individual appointed
by the court who has court imposed limitations placed on his or her use of the
funds; or
3. an individual whose
responsibilities are governed by the terms of the irrevocable trust and who is
not under the direction or control of any assistance unit members;
and
(c) Trust investments
made on behalf of the trust do not directly involve or assist any business or
corporation owned or operated by an assistance unit member.
Except as provided in 106 CMR 704.120(B)(3)(a), all assets to
which the applicant or client is legally entitled are considered accessible to
the applicant or client:
(3) from the date of application or
ownership, whichever is later, if the applicant or client does not meet the
conditions provided in 106 CMR 704.125(A)(2); or
(4) from the period beginning six months
after the date of application or ownership, whichever is later, if the
applicant or client is incapable of competently representing his or her own
interests, has no guardian or conservator capable of representing his or her
interests, and the representative of such applicant or client is making a good
faith effort to secure the appointment of a competent guardian or
conservator.
(B)
Verifications. Verification of the inaccessibility of
an asset is mandatory at application, eligibility reviews or whenever
circumstances regarding the accessibility of the asset have changed. The
following documents may be used to verify inaccessibility:
(1) The document establishing the
inaccessibility of the asset;
(2)
Relevant legal or financial statements proving the inaccessibility of the
asset, if the above document is not available;
(3) Documents showing how the holder's name
appears on a bank account or security.
(a) If
the account is titled A and B, neither individual has access to the account
without the consent of the co-holder. The applicant or client must submit a
written statement from the co-holder denying such consent. If the applicant or
client is unable to obtain the written statement of the co-holder, he or she
may submit an affidavit stating that he or she does not have the co-holder's
consent.
(b) If the account is
titled A in trust for B, or A for B, A has full access to the account and B has
no access to the account; and
(4) A copy of the trust or other
documentation that verifies it is irrevocable and meets all conditions provided
in 106 CMR 704.125(A)(2).
If an applicant or client shows lack of ownership,
inaccessibility to the asset, or both, the asset is not countable in
determining eligibility.
