Section 121.58  Exempt Assets

a)         Homestead Property

1)         The home and surrounding property which, exclusive of public rights of way, is not separated from the home by intervening property owned by others.

2)         Homes which are temporarily unoccupied for reasons of employment, training for future employment, illness, or inhabitability caused by casualty or natural disaster, remain exempt if the household intends to return.

3)         A lot owned or being purchased by the household if the household intends to build or is building a permanent home and the household does not currently own a home.

b)         Personal Property

            Household goods, personal effects, one burial plot per household member, and the cash value of life insurance policies.  Pension plans are exempt from consideration as an asset, except accounts owned solely by an individual, such as an Individual Retirement Account (IRA), 401 K or Keogh Plan, that are accessible without a penalty for withdrawal.

c)         Income Producing Property

1)         Property which is annually producing income consistent with its fair market value (including land or buildings being sold by installment contract), even if only used on a seasonal basis.

2)         Property which is essential to the employment or self-employment of a household member, such as, farmland and work related equipment (tools of a tradesman, farm machinery).  In the case of farm property (including land, equipment, and supplies) that is essential to the self-employment of a household member in a farming operation, the value of such property shall be excluded from financial resources until the expiration of the one year period beginning on the date such member ceases to be self-employed in farming.

3)         A rental home which is used by a household for vacation purposes at sometime during the year is an asset, unless excluded by subsection (c)(1) of this Section.

d)         Disaster Relief Payments

            Disaster relief payments provided by federal, state or local government or a disaster assistance organization.

e)         Inaccessible Assets

            Assets whose cash value is not accessible to the household, such as but not limited to:

1)         irrevocable trust funds,

2)         security deposits on rental property and utilities,

3)         property in probate,

4)         real property when a good faith effort is being made to sell at a reasonable price,

5)         jointly owned assets which cannot be practically subdivided and are accessible only with the consent of the joint owner who refuses to give that consent,

6)         non-liquid asset or assets (see Section 121.57(b)(2)(B)) which have a lien against it as a result of a business loan and the household is prohibited by the security or lien agreement from selling the asset or assets,

7)         monies received from the Social Security Administration under the PASS Program that are held in a separate account, or

8)         an asset if when sold or otherwise disposed of would net the household less than $1500.  The net is determined by subtracting the expenses of disposing of the property from the equity value.  This does not apply to negotiable financial instruments or stocks and bonds.

f)         Prorated Income

            Money which has been prorated as income, such as income of self-employed persons or students.

g)         Indian Lands

            Indian lands held jointly with the tribe, or land that can be sold only with the approval of the Bureau of Indian Affairs.

h)         Federal Statute Exclusions

            Assets excluded for food stamp purposes by express provision of Federal Statute.

i)          Licensed Vehicles

1)         used primarily for producing income such as, but not limited to, a taxi, truck, or fishing boat.  "Used primarily" means:  used over 50% of the time the vehicle is used;

2)         annually producing income consistent with its fair market value (even if only used on a seasonal basis);

3)         necessary for long distance travel essential to employment, other than daily commuting (such as a sales person, migrant farmworker);

4)         necessary for subsistence hunting or fishing (game and fish necessary for the livelihood of the household);

5)         used as the household's home;

6)         necessary to transport a physically disabled household member regardless of the purpose of such transportation.  Only one vehicle per disabled person is allowed.  The vehicle need not be specially equipped or used primarily for the transportation of the disabled individual;

            *Agency Note:  Exclusions (1)-(6) also apply when the vehicle is not in use because of temporary unemployment.

7)         one licensed vehicle per household, regardless of its use;

8)         the equity value of one licensed vehicle for each adult household member, regardless of its use;

9)         the equity value of any other licensed vehicles used by household members under age 18 to drive to and from employment, training or education which is preparatory for employment, or to seek employment.  Temporary periods of unemployment are not to affect this exemption;

10)         any vehicle if the net proceeds would total less than $1500 if sold; and

11)         property, real or personal, to the extent that it is directly related to the maintenance or use of a vehicle excluded under subsections (i)(1), (i)(2) or (i)(3) of this Section.

j)          Assets of a TANF or SSI household member

            All assets of a household member who receives TANF or SSI benefits.

(Source:  Amended at 29 Ill. Reg. 5499, effective April 1, 2005)