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Effective: December 1, 2006 |
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19.25.05ar1 - Cash, Accounts, Securities (Archive) |
Archived: October 1, 2008 |
Cash, different types of accounts and securities are considered liquid assets. These are assets that can be easily converted to cash.
Retirement Accounts and the cash surrender value of a non-term life insurance policy are also considered liquid assets. For more information on evaluating these assets see Retirement Funds and Types of Burial Assets and Life Insurance.
The cash value reported by the client is always counted toward the client’s asset total.
Count the full value of an account and/or security toward a client’s asset total, unless it is determined to be any of the following:
l An unavailable asset.
l An excluded asset.
l A jointly owned asset.
Examples of account types are:
l Savings accounts.
l Checking accounts.
l Money market accounts.
l MHFA home-improvement loans.
Examples of security types are:
l Certificates of deposit.
l Stocks.
If the stock ownership statement does not show the current value, consult a newspaper or other current stock listing to determine the value.
l Bonds.
To determine current bond value, either:
n Consult the "Comprehensive Savings Bond Value Table" on the U.S. Bureau of Public Debt web site.
n Contact any bank.