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In the case of capital investments owned jointly with others not living in a family's unit, a <br />prorated share of the property's cash value will be counted as an asset unless SAHA determines <br />that the family receives no income from the property and is unable to sell or otherwise convert <br />the asset to cash. <br />Trusts <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 />Revocable Trusts <br />If any member of a family has the right to withdraw the funds in a trust, the value of the trust is <br />considered an asset [HCV GB, p. 5-25]. Any income earned as a result of investment of trust <br />funds is counted as actual asset income, whether the income is paid to the family or deposited in <br />the trust. <br />Irrevocable Trusts <br />In cases where a trust is not revocable by, or under the control of, any member of a family, the <br />value of the trust fund is not considered an asset. However, any income distributed to the family <br />from such a trust is counted as a periodic payment or a lump-sum receipt, as appropriate [24 CFR <br />5.603(b)]. (Periodic payments are covered in section 6-LH. Lump-sum receipts are discussed <br />earlier in this section.) <br />Retirement Accounts <br />Company Retirement/Pension Accounts <br />In order to correctly include or exclude as an asset any amount held in a company retirement or <br />pension account by an employed person, SAHA must know whether the money is accessible <br />before retirement [HCV GB, p. 5-26]. <br />While a family member is employed, only the amount the family member can withdraw without <br />retiring or terminating employment is counted as an asset [HCV GB, p. 5-26]. <br />After a family member retires or terminates employment, any amount distributed to the family <br />member is counted as a periodic payment or a lump-sum receipt, as appropriate [HCV GB, p. 5- <br />26], except to the extent that it represents funds invested in the account by the family member. <br />(For more on periodic payments, see section 6-LH.) The balance in the account is counted as an <br />asset only if it remains accessible to the family member. <br />IRA, Keogh, and Similar Retirement Savings Accounts <br />IRA, Keogh, and similar retirement savings accounts are counted as assets even though early <br />withdrawal would result in a penalty [HCV GB, p. 5-25] . <br />iii29iio Page 6-17 <br />