(Revised 12/1/03 ML #2895)
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"Non-liquid assets" are defined as the equity in any other assets that cannot be readily converted to cash. Examples are equity in snowmobiles, motorcycles, recreational vehicles, or such other things as grain in a bin, livestock that is ready for sale.
"Non-Liquid Assets" NOT Counted:
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Clothing, personal effects and household goods, such as furniture and appliances (including satellite disks).
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Grain necessary for seed, feed, and grain stored for a maximum of 12 months after harvest.
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Livestock for dairy and breeding purposes.
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Tools, machinery, and vehicles necessary to produce income.
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One licensed family vehicle.
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Business inventory.
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Burial plots, vaults, etc. which are not included in a prepaid burial contract and are not transferable.
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Property which the household has been unable to convert to cash despite "good faith efforts" to do so. "Good faith efforts" may include but not be limited to repeated attempts to sell and/or rent the property at an acceptable community rate through classified ads, signs, etc.
Any property not counted under this provision must be carefully reviewed at least annually to be certain the household is making every reasonable effort to convert the property to cash.
