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4.5.3 SEPARATE & MIXED ASSETS

When an MA group keeps an exempt asset in:

 

  1. A separate account or an account with other exempt assets, exempt the exempt asset:

 

    1.  Indefinitely, for example, most payments to Native Americans (4.1.2.1), or
       

    2.  For as long as the exemption can be applied to the asset, for example, EITC (4.5.7.8), which is exempt only through the month following the month of receipt.
       

  1. An account mixed with other assets, some of which are non-exempt, exempt the exempt asset:

 

    1.  For six months from the date the exempt asset was mixed with the non-exempt assets, or
       

    2. If the exempt asset has been prorated as income Income is anything you receive in cash or in kind that you can use to meet your needs for food, clothing, and shelter., exempt it for the period over which it is prorated.

 

This page last updated in Release Number : 02-01

Release Date : 01-01-02

Effective Date : 01-01-02