Countable Assets - Cash, bank accounts (i.e., checking, money market, savings), vacation houses and property other than primary home/residence, mutual funds, stocks, bonds, and certificates of deposit.   In approximately 30 states, an applicant's 401K/IRA is countable asset.  The remaining states allow them to be exempt but require that 401K/IRA be in payout status at minimum distribution. 
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Non-Countable Assets - One's primary home/residence, the house is automatically exempt if a non-applicant spouse lives in it.  In 2025 home equity interest must not be greater than $730, 000 or $1,097, 000. Equity interest is the portion of the home equity value owned by the applicant.  Other exempt assets include pre-paid burial and funeral expenses, and automobile, term life insurance, life insurance policies with a combined cash value limited to $1,500, household furnishings/appliances, and personal items (i.e., clothing, engagement/wedding rings). Assets held in an irrevocable trusts or asset protections trusts are not counted towards the asset limit.