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Administrative Plan 7/1/2025 Page 6-40 <br />Jointly Owned Assets [Notice PIH 2023-27] <br />For assets owned jointly by the family and one or more individuals outside of the assisted family, <br />the PHA must include the total value of the asset in the calculation of net family assets, unless: <br /> The asset is otherwise excluded; <br /> The family can demonstrate that the asset is inaccessible to them; or <br /> The family cannot dispose of any portion of the asset without the consent of another owner <br />who refuses to comply. <br />If the family demonstrates that they can only access a portion of an asset, then only that portion’s <br />value is included in the calculation of net family assets for the family. <br />Any income from a jointly owned asset must be included in annual income, unless: <br /> The income is specifically excluded; <br /> The family demonstrates that they do not have access to the income from that asset; or <br /> The family only has access to a portion of the income from that asset. <br />If the family demonstrates that they can only access a portion of the income from an asset, then <br />only that portion’s value is included in the calculation of income from assets. <br />If an individual is a beneficiary who is entitled to access the account’s funds only upon the death <br />of the account’s owner, and may not otherwise withdraw funds from an account, then the <br />account is not an asset to the assisted family, and the family should provide proper <br />documentation demonstrating that they are only a beneficiary on the account. <br />Trusts [24 CFR 5.609(b)(2) and 5.603(b)(4)] <br />A trust is a legal arrangement generally regulated by state law in which one party (the creator or <br />grantor) transfers property to a second party (the trustee) who holds the property for the benefit <br />of one or more third parties (the beneficiaries). <br />The basis for determining how to treat trusts relies on information about who has access to either <br />the principal in the account or the income from the account. There are two types of trusts, <br />revocable and irrevocable. <br />When the creator sets up an irrevocable trust, the creator has no access to the funds in the <br />account. Typically, special needs trusts are considered irrevocable. Irrevocable trusts not under <br />the control of any member of the family are excluded from net family assets. The value of the <br />trust continues to be excluded from net family assets, so long as the fund continues to be held in <br />a trust that is not revocable by, or under the control of, any member of the family or household <br />[24 CFR 5.603(b)(4)]. Further, where an irrevocable trust is excluded from net family assets, the <br />PHA must not consider actual income earned by the trust (e.g., interest earned, rental income if <br />property is held in the trust) for so long as the income from the trust is not distributed. <br />EXHIBIT 1