Section 240.815 Exempt Assets

Section 240

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 vehicles 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 the amounts

specified in 89 Ill. Adm. Code 120.381(c) and (d) if burial merchandise is not

specified.  If burial merchandise is specified in the burial plan, that

merchandise shall be exempt.  Any excess of the allowed amounts in value for

burial services shall be considered non-exempt; or

B)        life insurance policy with a total face or cash value of the

amount specified in 89 Ill. Adm. Code 120.381(a)(5) or less.  When both cash

and face value exceed this amount, apply the excess cash value over this amount

toward the non-exempt assets.

C)        Burial spaces intended for use of the participant and grave

markers shall be exempt (see 89 Ill. Adm. Code 120.381(b)).

9)         The value of the allotment under the Supplemental Nutrition

Assistance Program (SNAP) Act of 2008 (7 USC 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 USC 1780(b)) and the special food

service program for children under the National School Lunch Act, as amended

(42 USC 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)]

es).

11)         The value of supplemental food assistance received under the

Child Nutrition Act of 1966 as amended (42 USC 1780(b)) and the special food

service program for children under the National School Lunch Act, as amended

(42 USC 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 exempt assets listed in subsection (a), 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 USC

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 USC  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 USC

1407).

4)         Tax-exempt portions of payments made pursuant to the Alaska

Native Claims Settlement Act (43 USC  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 USC  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 USC  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

Act (42 USC  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 Section 4(c) of the Senior Citizens and

Persons with Disabilities Property Tax Relief Act [320 ILCS 25].  This includes

both the benefits commonly known as the "circuit breaker" and the

"additional grants".