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Asset is classified as everything one owns. Stocks, bonds, money in the bank, automobiles, RV’s, boats, real estate, airplanes, office or household furnishings are all considered assets. There are three basic categories of assets:

• Tangible Personal Property
  Computers, bank accounts, stocks, bonds, vehicles, equipments, inventory, telephone systems, applicances, and paid insurance policies with cash value. Tangible personal property includes any item of value that any entity such as a person or a company owns or posesses. Ownership is determined either by possession or licensing such as in case of vehicles, boats, automobiles, mortorcybles and airplanes.
  
• Intangible Personal Property
  Patents, royalty agreements, contracts, accounts receivable, promissory notes, wages or other income are considered intangible personal property.
  
• Real Property
  Any real estate such as lands, homes, condominiums, apartments or commercial buildings are classified as real property.

In determining the assets of a household, the following must be included and documented in detail.

Liquid Assets

Types of liquid assets include but are not limited to the following:

• Cash on hand.

• Money in checking or savings accounts.

• Stocks or bonds.

• Lump sum payments (counted as assets in the month in which they are received unless excluded by Federal law).

To arrive at the countable cash value for any account or plan that applies penalties for early withdrawals, subtract the amount of the penalty (if any) from the value of the account or plan.

If the account or plan has been used as collateral or if a lien has been placed on the account or plan, only the equity value available is counted.

Money in a checking or savings account must not be counted as income and as an asset in the same month. Workers must exclude any current month's income deposited in a checking or savings account.

If a check has been written and sent to the payee, even if it has not yet been cashed, the money is not available for other purposes and is deducted from the account balance. The check register is used as verification of outstanding checks.

Non-Liquid Assets

Types of non-liquid assets include but are not limited to the following:

• Personal property

• Licensed and unlicensed vehicles

• Buildings

• Land

• Recreational properties

The value of non-exempt assets (except for licensed vehicles not used for income producing purposes) is the equity value. The equity value is the fair market value less the amount owed.

Find Public Records Online will help you with your asset search, where you can locate property and other assets belonging to persons, or businesses.