10-144-332 Me. Code R. § 16-1
ANNUITIZED ANNUITY: An annuity under which the individual is receiving a benefit payment under a payment option (life only, ten year certain, etc.) which they have selected.
ANNUITY: An annuity is an investment on which an individual receives fixed payments for a lifetime or a specified period of time.
ASSETS: Cash, other liquid resources or real or personal property.
AVAILABLE ASSET: An asset that has a value which is legally obtainable by the individual. If there is a penalty for early or late withdrawal to get the asset, the available asset is the amount after the penalty is taken.
DEFERRED ANNUITY: An annuity under which the benefit payment will begin at some future date. The individual has not yet selected a payment option (life only, ten year period certain, etc.)
EQUITY VALUE: The fair market value of real or personal property minus any encumbrances. Examples of encumbrances are: mortgages, liens, and other debts on or attached to the property.
Any asset which has no saleable value will not be used in determining eligibility because it has no equity value.
Examples
Homes that, due to structural damage, and their location on leased property, have no resale value. Vacant property not large enough to be sold due to changes in zoning laws. Vehicles, which cannot be sold due to mechanical or other problems.FAIR MARKET VALUE: Amount that can be expected to be received for selling a similar article on the open market in the geographic area involved. The individual may refute the fair market value determined by the Department by providing statements from two credible sources.
LIQUID ASSETS: Cash or other resources that can be converted into cash on demand.
NON-LIQUID ASSETS: Real or personal property that cannot be converted into cash on demand.
OWNERSHIP: Power, authority or title to sell, exchange, convert or redeem any property. Property in the name of a child is available to both child and parent, as the parent can make it available.
REAL ESTATE AND OTHER NON-LIQUID ASSETS:
In determining the value of this countable asset, the type of ownership must be established.
If the owners have "joint tenancy", each owner has an equal interest in the total value of the property.
If the owners are "tenants in common", each owner has a share in the property. Generally, each owner can sell that share without the consent of the other owners. If the terms of ownership prohibit sale of one owner's portion or the other owner(s) refuses to agree to sell, the real estate is excluded.
UNAVAILABLE ASSET: An asset that has a value which is legally unobtainable to the individual.
10-144 C.M.R. ch. 332, § 16-1