23 Miss. Code. R. 103-1.24 - Property That Is Not a Resource

A. Any property (asset) that does not meet the above definition of a resource is not a resource, e.g., an individual who has an ownership interest in property, but is not legally able to transfer that interest to anyone else does not have a resource.

B. Example: An individual owns a block of stock with his brother. Although the form of ownership is one which would permit either to sell the property without the others consent, the brothers have a legally binding agreement that one will not sell without consent of the other. The individual's brother refuses his consent, making the stock a non-resource for the individual. If the brother subsequently agrees to sell, the stock would be evaluated under resource-counting rules beginning with the month following the month of consent. The value of the stock would not be counted as income to the individual in the month consent is given.

Notes

23 Miss. Code. R. 103-1.24

Social Security Act §1902 (r)(2); 42 CFR §435.601(b) (Rev 1994).