Section 240.815  Exempt Assets

 

a)         Exempt Assets

 

1)         Homestead property

 

2)         Clothing and personal effects

 

3)         Household furnishings

 

4)         Business or farming equipment used for the production of income

 

5)         Motor vehicle(s) except those primarily used for recreational purposes

 

6)         Group life insurance held as a condition of employment or provided by employer

 

7)         The principal of a trust fund only when the instrument establishing the trust specifically states the principal cannot be impaired.

 

8)         One of the following:

 

A)        a prepaid burial plan with a total value of up to $1,500 if burial merchandise is not specified.  If burial merchandise is specified in the burial plan, that merchandise shall be exempt.  Any excess of $1,500 in value for burial services shall be considered non-exempt; or

 

B)        life insurance policy with a total face or cash value of $1,500 or less.  When both cash and face value exceed $1,500 apply the excess cash value over $1,500 toward the non-exempt assets.

 

C)        Burial space(s) intended for use of the client and grave markers shall be exempt.

 

9)         The value of the coupon allotment under the Food Stamp Act of 1977 (7 U.S.C. 2017(b)).

 

10)         The value of the U.S. Department of Agriculture donated foods (surplus commodities).

 

11)         The value of supplemental food assistance received under the Child Nutrition Act of 1966 as amended, (42 U.S.C. 1780(b)) and the special food service program for children under the National School Lunch Act, as amended (42 U.S.C. 1760).

 

12)         Assets protected by purchase of a certified long-term care insurance policy that meets State standards [320 ILCS 35/25 (a)(1) through (5)].

 

b)         In addition to the above, the following assets are exempt.  These assets remain exempt only so long as they can be identified by a separate account.

 

1)         Any benefits received under Title III, Part C, Nutrition Program for the Elderly, of the Older Americans Act of 1965, as amended (42 U.S.C. 3030(e) and (f)).

 

2)         Any payment received under Title II of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4636).

 

3)         Any funds distributed per capita to or held in trust for members of any Indian tribe under P.L. 92-254, P.L. 93-134 or P.L. 97-458 (25 U.S.C. 1407).

 

4)         Tax-exempt portions of payments made pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1626).

 

5)         Experimental Housing Allowance Program payments made under Annual Contributions Contracts entered into prior to January 1, 1975, under Section 23 of the U.S. Housing Act of 1937, as amended (42 U.S.C. 1437 (f)).

 

6)         Effective October 17, 1975, receipts distributed to certain Indian tribal members for marginal land held by the United States government.

 

7)         Payments to volunteers under the 1973 Domestic Volunteer Service Act (42 U.S.C. 5044, Section 4951).  These include:

 

A)        Vista Volunteers;

 

B)        Volunteers serving as senior health aides, senior companions, foster grandparents, or persons serving in the National Senior Volunteer Corps (NSVC).

 

8)         Any grant or loan to any undergraduate student for educational purposes made or insured under any program administered by the Secretary of Education.

 

9)         Supplemental Security Income (SSI) lump sum payments.

 

10)         Income received under the provision of Section 4(c) of the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act [320 ILCS 25/4(c)].  This includes both the benefits commonly known as the "circuit breaker" and the "additional grants".

 

(Source:  Amended at 21 Ill. Reg. 12418, effective September 1, 1997)