Attachment III: Life Agent Disclosure
Requirement (AB2107, Chapter 547) (Continued)
Life Agent Financial Products Disclosure (Continued)
FAIR HEARINGS & COURT ORDERS
Under certain circumstances, an at-home spouse can obtain an order from
an administrative law judge or court that will allow the at-home spouse to retain
additional resources or income. The order may allow the couple to retain more
than $92,760 + $2,000 (for 2004) in countable resources. The order also may
allow the at-home spouse to retain more than $2319 (for 2004) in monthly
income.
REAL & PERSONAL PROPERTY EXEMPTIONS
Many of your assets may already be exempt. Exempt means that the
assets are not counted when determining eligibility for Medi-Cal.
REAL PROPERTY EXEMPTIONS
One Principal Residence: One property used as a home is
exempt. The home will remain exempt in determining eligibility if the applicant
intends to return home someday.
The home also continues to be exempt if the applicant's spouse or
dependent relative continues to live in it.
Money received from the sale of a home can be exempt for up to six
months if the money is going to be used for the purchase of another home.
Real Property Used in a Business or Trade: Real estate
used in a trade or business is exempt regardless of its equity value and whether it
produces income.
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