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transfer is different than at the time the tax-assessed value was determined; or
(2) changes to the market, condition of the asset, or other circumstances beyond the control of the applicant or recipient prevented the applicant or recipient from receiving fair market value in compensation. (Eff. 7/20/2007, Register 183; am 2/1/2010, Register 193; am 7/1/2013, Register 206; am 1/1/2024, Register 248) Statutory Authority: Authority: AS 47.05.010 AS 47.07.020 AS 47.07.040 7 AAC 100.512. Life estates. (a) Conveyance of a life estate in real property, or of the remainder of real property with the reservation of a life estate in the transferor, is a transfer of an asset. For purposes of determining whether to impose, under 7 AAC 100.510, a transfer-of-asset penalty, the department will determine if the conveyance constitutes a transfer of an asset for less than fair market value. (b) The value of a life estate or of the remainder of real property is the value as of any moment in the first day of the month. This value is determined by multiplying the fair market value of the entire property by the life estate factor corresponding to the recipient’s age identified in the United States Social Security Administration’s Program Operations Manual System (POMS), Section SI 01140.120, Unisex Life Estate or Remainder Table, revised as of April 19, 1999, and adopted by reference. (c) The purchase of a life estate interest in another individual’s home is a transfer of an asset for less than fair market value, unless the purchaser actually resides in the home for a period not less than one year after the date of purchase. If the applicant is living in the home at the time of application but has not yet lived in the home for one year, the department will not impose a transfer-of-asset penalty unless the applicant or recipient moves from the home before having lived in the home for one year. If an applicant or recipient moves from the home without having lived in the home for one year, the department will impose a transfer-of-asset penalty beginning with the date of application. (Eff. 7/20/2007, Register 183) Statutory Authority: