JCAR890120-1011664r08 1 This version includes all HFS 1st ...

JCAR890120-1011664r082148214921502151215221532154215521562157215821592160216121622163216421652166216721682169217021712172217321742175217621772178217921802181218221832184218521862187218821892190iii) it is modified for operation by, or transportation of, ahandicapped person;iv) it is necessary because of factors such as climate, terrain ordistance to provide necessary transportation to performessential daily activities; orv) one vehicle for each spouse is exempt in determining theamount allowed as the Community Spouse ResourceAssetAllowance (as described in Section 120.379(d)120.386).B) If not excluded in subsection (a)(4)(A) of this Section, exclude oneautomobile is excluded to the extent its equity valuethe fair marketvalue does not exceed $4500. AnyApply the excess equity value isappliedfair market value toward the applicable resourceassetdisregard (see Section 120.38289 Ill. Adm. Code 113.142). TheDepartment will determine fair market value in accordance with 89Ill. Adm. Code 121.57(b)(2)(D)(iv).C) For all other automobiles, apply the equity value (fair market valueminus any encumbrance) toward the resourceasset disregard (see89 Ill. Adm. Code 113.142).5) Life insurance policies with a total face value of $1,500 or less and allterm life insurance policies. If the total face value exceeds $1,500, thecash surrender value must be counted as a resource.6) For purposes of this Section, the term "equity value" refers to:A) in the case of real property, the value described in Section120.385(c); andB) in the case of personal property, the price that an item canreasonably be expected to sell for on the open market in theparticular geographic area involved, minus any encumbrances (asdescribed in Section 120.385(c)(1)(C)).b) Burial spaces and funds are exempt as follows:1)Burial spaces that are intendedfor the use of the personindividual, his or her spouse, or any other member of hisor her immediate family are exempt. Immediate family is defined as a person'sanindividual's minor and adult children, including adopted children andstepchildren, a person'san individual's brothers, sisters, parents and, adoptiveparents, and the spouses of these individuals.