Unknown Assets

A person may be unaware of their ownership of an asset. If the person is unaware of their ownership interest in an asset, the value of the asset is not counted towards the asset limit during the period when the person was unaware of their ownership interest.

The value of the previously unknown asset, including any money accumulated on it through the month of discovery, such as interest, is considered income in the month of discovery. In the months after the month of discovery, the previously unknown asset is subject to the usual asset-counting rules.

When an unknown asset is discovered, verification of the asset and a signed statement from the person indicating that they were unaware of their ownership of the asset is required.