Medicaid Policy                                                                 

511 Availability of Assets

Effective Date: March 1, 2019

 

Previous Policy

 

An asset is available when the individual owns it, or has the legal right to sell it or dispose of it for his own benefit, and there is not a legal restriction preventing access to the asset for the individual's benefit.  Assets in the process of being converted from one form to another, such as selling stocks to receive cash, does not change the availability of the asset.

If the individual does not know where the asset can be located, it may be considered unavailable.  For example, if a vehicle belongs to the individual, but he/she cannot locate the vehicle, it may be considered unavailable.

 

In the case of a finalized divorce, see 511-7 about ownership of assets if there is a question about which spouse owns an asset.  Refer to 512 for assets held in a trust.