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TAFDC - Assets - Massachusetts

Assets are objects of value to the household. Some of these assets or resources are non-countable assets. Assets counted for TAFDC eligibility determination include, but are not limited to:

·         Currency

·         Checks

·         Bank accounts

·         Retirement funds

·         Stocks, bonds, and other securities

·         Cash surrender value of life insurance policies

·         Vehicles: Any fair market value in excess of the first $10,000 of fair market value and the first $5,000 of equity value of one automobile. If there is an excess in both the fair market value and the equity value, only the excess which is the greater amount counts toward the asset limit. When the filing unit owns more than one vehicle, the $10,000 fair market limit and the $5,000 equity limit applies to the vehicle having the greatest fair market value, provided it is used primarily for the transportation of the filing unit. The full fair market value or the full equity value, whichever is greater, of each additional vehicle owned by the filing unit (including vehicles that are used primarily for recreational purposes such as snowmobiles, boats, trailers, jeeps, vans and motorcycles) is countable.

·         Real estate (other than the home in which the family lives)

·         Certain assets are not counted in the financial eligibility test, such as:

·         The home in which the family lives

·         Household and personal belongings

·         Assets that are not accessible to the family

·         Certain educational grants

In order for the household to be eligible for TAFDC, the combined assets of the household cannot exceed $2,500. Assets may not be transferred in order to meet qualification standards, and households can be disqualified for this practice.

Additional Information

See non-countable assets for a detailed list of assets that are not counted for eligibility purposes.

Also see:

TAFDC - Financial Eligibility Overview - Massachusetts

TAFDC - Income Tests of Eligibility- Massachusetts

TAFDC - Overview - Massachusetts

Source

106 CMR 204.100, available in PDF format (requires Adobe Acrobat Reader) at:
http://www.mass.gov/Eeohhs2/docs/dta/g_reg_204.pdf

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