- Assets in Maine include the cash value of an Individual Retirement Account or IRA, stocks, bonds, cash, bank account balances and inheritance money. Assets also include property, according to Maine Equal Justice Partners, such as land the applicant owns but doesn't live on, boats and buildings.
- As of 2011, Maine doesn't count the assets of people whose income falls within 185 percent or less of the federal poverty guidelines, according to Maine Equal Justice Partners. For a family of one, 185 percent of the poverty level is $1,679 a month, and rises by about $589 for each extra person in the family. This works out to $20,147 annually for a family of one, and increases by about $7,067 for each additional person.
- Families in Maine who earn more than 185 percent of the poverty level but who still qualify for food stamp benefits are allowed up $2,000 in assets, according to the U.S. Department of Agriculture. Families with disabled members or members 60 or older can have up to $3,000 in assets.
- Maine also doesn't count the assets of people who receive other forms of benefits, according to the U.S. Department of Agriculture. These include Supplemental Security Income, which is assistance given to elderly, disabled or blind people, and Temporary Assistance to Needy Families, a program that provides additional income to qualified families. Because the income guidelines for these programs are set at below 185 percent of poverty level, the recipients automatically qualify for food stamps without submitting to the asset test.
What are Assets?
Poverty Guidelines
Allowable Assets
Other Situations
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