Liquid Asset Details

Use this procedure to enter a customer’s liquid resource information.

Process Steps:

1. The Liquid Resource – Details page displays.
2. In the Client Information section:
   • Select the customer’s name from the dropdown menu (required).

3. In the Liquid Resource Dates section:

• • Enter the Effective Begin Date (required).
  • Enter the End Date.
  • Enter the Reported On date (required).
  • Enter the Date Change Occurred (required).
  • Enter the Verification Received On date (required).

4. In the Liquid Resource Details section:

• • Select a Liquid Resource Category (required).
  • Select a Liquid Resource Type (required).
  • Select a Verification (required).
  • Enter the Cash on hand / not in bank (enabled only if Liquid Resource Category is Cash).
  • Enter the Bank / Institution Name (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Enter the Account Number (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Enter the Amount in Financial / Other Account (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Select Yes or No from the Funds can be withdrawn without penalty? dropdown menu (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Enter the Amount Received after Penalty (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Enter the Maximum Withdrawal Amount (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Select Yes or No from the Account for school expense? dropdown menu (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Select a Maintain account reason (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Select Yes or No from the Account used for business, trade, or farming purpose? dropdown menu (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Enter the Date Acquired (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).
  • Select Yes or No from the Is Liquid Resource Jointly Owned? dropdown menu (required).
  • Select Yes or No from the Is the resource commingled with a non-excluded fund? dropdown menu (enabled only if Liquid Resource Category is Financial Account or Other Liquid Resource).

5. In the Bank / Institution Address section (enter only if Liquid Resource Category is Financial Account or Other Liquid Resource):

• • Enter the Street #.
  • Enter the Fraction.
  • Select the Pre-Direction.
  • Enter the StrName / Rural Addr.
  • Select a Street Type.
  • Select a Post-Direction.
  • Select a Dwelling Type.
  • Enter the Address 2 / PO Box.
  • Enter the City.
  • Select a State.
  • Enter the Zip Code.

6. In the Annuity section (enter only if Liquid Resource Type is Annuity):

• • Select Yes or No from the Annuity is Revocable? dropdown menu.
  • Select Yes or No from the Annuity Created with third party asset? dropdown menu.
  • Select Yes or No from the Can Annuity be surrendered? dropdown menu.
  • Select Yes or No from the Is Annuity non-assignable? dropdown menu.
  • Select Yes or No from the Are Payments made in equal amounts with no deferrals or balloon payments? dropdown menu.
  • Select Yes or No from the Is Commonwealth the beneficiary of the annuity? dropdown menu.

7. In the Loans / Promissory Note section (enter only if Liquid Resource Type is Property Agreement / Promissory Notes / Loans):

• • Select Yes or No from the Is Agreement not bona fide and not negotiable? dropdown menu.
  • Enter the Amount paid for promissory note.
  • Select Yes or No from the Is Repayment Scheduled Actuarially Sound? dropdown menu.

8. In the Trust Information section (enter only if Liquid Resource Type is Trust):

• • Select Yes or No from the Trusts likely to cease during certification dropdown menu.

  • Select Yes or No from the Does any household member have the ability to revoke or change the name of the beneficiary during the certification period dropdown menu.

  • Select Yes or No from the Is the administrator of the trust a court, institution, corporation, or organization that is not under the direction or ownership of any household member dropdown menu.

  • Select Yes or No from the Is the trust administrator an individual appointed by the court having court imposed limitations placed on the use of the funds dropdown menu.

  • Select Yes or No from the Do the trust investments made on behalf of the trust not directly involve or assist any business or corporation under the control, direction, or influences of a household member dropdown menu.

  • Select Yes or No from the Are the funds held in irrevocable trust household’s own funds, does the trustee use the funds solely to make investments on behalf of the trust or to pay the educational or medical expenses of any person named by the household creating the trust dropdown menu.

  • Select Yes or No from the Are the funds held in irrevocable trust established with funds of a person out of household dropdown menu.

  • Select Yes or No from the Local Agency or Regional Consultant or AAG determined Trust as Exempt Resource dropdown menu.
  • Enter the Date when trust is created.
  • Select the Type.
  • Enter the Beneficiary.
  • Select the Trust Created By.
  • Select Whose funds were used to create the trust?

9. In the Resource Availability section:
   • Select the Availability Status (required).

10. Click Save + Add Liquid Asset to save the resource record.
    • Repeat steps 1 through 10 to add additional resources.
11. Click Save + Continue.
12. If the Liquid Resource is jointly owned, the Liquid Resource – Joint Ownership tab appears.

    • If the joint owner is in the home, select the Joint Owner name from the dropdown menu under the In-household Joint Owner Information section.

    • If the joint owner is outside the home, enter the joint owner’s Name and other information in the Outside-household Joint Owner Information section.

    • Select a Joint Ownership verification from the dropdown menu.

    • Enter a Joint Ownership Percentage Share of Resource.

    • Enter information in the remaining fields if necessary.

    • Click Add.

    • Click Save + Continue.

Results of the Procedure:

The liquid resource information has been recorded.

Updated: 08/03/2015