67:12:05:10Personal property held in trust considered a resource.

The department must consider personal property held in trust as a resource when applying the resource limit in § 67:12:05:05 if the trust instrument: (1) Is revocable; (2) Allows the administrator to sell property subject to the trust and use the proceeds to meet the needs of any member of the assistance unit; or (3) Allows the administrator to invade the principal and use the principal to meet the needs of any member of the assistance unit. The department shall consider a personal property trust created to render an applicant, recipient, or dependent child eligible to receive public assistance to be a transfer that results in ineligibility. The department shall account for the income received from a personal property trust in the same manner as any other income.

Source: SL 1975, ch 16, § 1; 4 SDR 10, effective August 28, 1977; 7 SDR 66, 7 SDR 89, effective July 1, 1981; 21 SDR 172, effective April 3, 1995; 52 SDR 55, effective December 2, 2025.