DHS 103.06(2)(c)2.2. If no automobile is exempt under subd. 1., one automobile is not counted as an asset to the extent that its current fair market value does not exceed $4,500. Fair market value in excess of $4,500 counts toward the asset limit. DHS 103.06(2)(c)3.3. If more than one vehicle is owned, the equity value of the nonexempt vehicle is counted as an asset. DHS 103.06(3)(a)(a) Joint accounts. A joint account shall be deemed available to each person whose name is on the account or listed as an owner. The value of a joint savings or checking account shall be determined as follows in determining eligibility for MA: DHS 103.06(3)(a)1.1. For persons who receive MA who are not age 65 or over, or not blind or disabled, the division of a joint account shall be determined according to applicable federal law; and DHS 103.06(3)(a)2.2. For persons who receive MA who are age 65 or over or who are blind or disabled, joint accounts shall be divided as follows: DHS 103.06(3)(a)2.a.a. If both owners of the joint account receive MA, equal shares of the joint account shall be included for the purpose of determining MA eligibility; and DHS 103.06(3)(a)2.b.b. If only one owner of the joint account receives MA, the full amount of the joint account shall be included for the purpose of determining MA eligibility. DHS 103.06(3)(b)(b) Jointly held property. If the applicant or recipient is a joint owner of property with a person who refuses to sell the property and who is not a legally responsible relative of the applicant or recipient, the property shall not be considered available to the applicant or recipient and may not be counted as an asset. If the property is available to the applicant or recipient, it shall be divided equally between the joint owners. DHS 103.06(4)(a)(a) A home owned and lived in by an applicant or recipient is an exempt asset. DHS 103.06(4)(b)(b) Net proceeds from the sale of homestead property shall be treated as assets as follows: DHS 103.06(4)(b)1.1. For AFDC-related MA the proceeds are considered available assets in the month of receipt and, if retained, in any of the following months; and DHS 103.06(4)(b)2.2. For SSI-related MA the proceeds are disregarded if they are placed in an escrow account and used to purchase another home within 3 months. After 3 months the proceeds are considered available. DHS 103.06(5)(a)(a) If the equity value of the non-homestead property together with all other assets does not exceed the asset limit, the person may retain the property and be eligible for MA. DHS 103.06(5)(b)(b) If the value of non-homestead property together with the value of the other assets exceeds the asset limit, the non-homestead property need not be counted as an asset if it produces a reasonable amount of income. In this paragraph, “reasonable amount of income”means a fair return considering the value and marketability of the property. DHS 103.06(5)(c)(c) If the total value of non-homestead property and non-exempt assets exceeds the asset limit, the person who owns the non-homestead property shall list the property for sale with a licensed realtor at a price which the realtor certifies as appropriate. If the property is listed for sale, it may not be counted as an asset. When the property is sold, the net proceeds shall be counted as an asset. DHS 103.06(6)(6) Life estate. The applicant or recipient may hold a life estate without affecting eligibility for MA. If the property or the life estate is sold, any proceeds received by the applicant or recipient shall be considered assets. In this subsection, “life estate” means a claim or interest a person has in a homestead or other property, the duration of the interest being limited to the life of the party holding it with that party being entitled to the use of the property including the income from the property in his or her lifetime. DHS 103.06(7)(a)(a) Trust funds shall be considered available assets, except that: DHS 103.06(7)(a)1.1. Trust funds payable to a beneficiary only upon order of a court shall not be considered available assets if the trustee or other person interested in the trust first applied to the court for an order allowing use of part or all of the trust fund to meet the needs of the beneficiary and the court denied such application; DHS 103.06(7)(a)2.2. Trust funds held in a trust which meets the requirements of ss. 701.0501 and 701.0502, Stats., shall not be considered available assets unless the settlor is legally obligated to support the beneficiary; DHS 103.06(7)(a)3.3. For SSI-related MA applicants and recipients, the pertinent SSI standards on the treatment of trusts as resources shall apply; and DHS 103.06(7)(a)4.4. For AFDC-related applicants and recipients, the pertinent AFDC standards on the treatment of trusts as resources shall apply. DHS 103.06(8)(8) Personal property. Household and personal effects of reasonable value, considering the number of members in the fiscal test group, shall be exempt. DHS 103.06(9)(9) Loans. Money received on loan shall be exempt unless it is available for current living expenses, in which case the money shall be treated as an asset even if a repayment schedule exists. DHS 103.06(10)(10) Life insurance policies. The cash value of a life insurance policy shall be considered an asset, except that for SSI-related persons it is an asset only when the total face value of all policies owned by the person exceeds $1,500. In this subsection, “cash value” means the net amount of cash for which the policy could be surrendered after deducting any loans or liens against it, and“face value” means the dollar amount of the policy which is payable on death. DHS 103.06(11)(11) Lump sum payments. All lump sum payments, unless specifically exempted by federal statute or regulation, shall be treated as assets instead of income. In this subsection, “lump sum payment”means a nonrecurring payment such as retroactive social security benefits, income tax refunds, and retroactive unemployment benefits.