Exempt Assets

Section 682 Section 682.220  Exempt Assets For the purpose of determining the amount of the individual's assets, as described in Section 682.200, the following assets shall be considered to be exempt and not counted: a)         the individual's primary residence, including its furnishings and contents and all contiguous property on which it is situated; b)         vehicles, except those used primarily for recreation; c)         personal property; d)         resources, including, but not limited to, land, buildings and equipment, supplies, or tools used in business or agricultural income-producing operations; e)         life insurance including: 1)         group life insurance held as a condition of employment or provided by an employer; 2)         a prepaid burial plan with a value of up to $1,500; or 3)         any life insurance policy with cash value, or redeemable face value of $2000, or less; f)         the principal of a trust if the trust document establishing the trust specifically states the principal cannot be impaired.  HSP administration must be involved in any determination involving trust funds; g)         In the case of a minor customer (Section 682.200(b)), the parents' pension funds are exempt assets.  "Pension funds" are defined as funds held in individual retirement accounts (IRA) or in work-related pension plans or plans for self-employed individuals; and h)         an approved Achieving a Better Life Experience (ABLE) account under the State Treasurer Act [15 ILCS 505/16.6], 26 USCA 529A, and 74 Ill. Adm. Code 722.