Topic 2: Fid-3- Assets/Liabilities Management Scenario

“Jessica Jones has been admitted to a nursing facility. She owns a home in Midtown, Kentucky, that is worth $100,000, and a parcel of land at Lake Cumberland worth $50,000. The Property and Asset Management Specialist (PAMS) has collaborated with realtors, obtained court approval, signed off on the sale of both properties and sent the closing documents and checks for the proceeds from the sale to the Fiduciary Branch in Frankfort. After Fiduciary staff verifies the checks have been deposited and the documents have been attached to both the asset and in Events, the property values are adjusted to zero and marked “sold” in KYGFIS. The properties will remain listed in Mrs. Jones’ assets but will show as closed/sold.”