Page 186

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

186 iii) Preventing access to assets to which an individual is entitled by diverting them to a trust or similar device. This is not applicable to valid income trusts, disability trusts and pooled trusts for individuals under the age of 65 years. iv) Failure of a surviving spouse to elect a share of a spouse's estate or failure to open an estate within 6 months after a spouse’s death. v) Failure to obtain a family allowance or exempt property allowance from an estate of a deceased spouse or parent. Such allowances are presumed to be available 3 months after death. vi) Not accepting or accessing a personal injury settlement. vii) Transferring assets into an irrevocable private annuity which was not purchased from a commercial company. viii) Transferring assets into an irrevocable entity such as a Family Limited Partnership which eliminates or restricts the individual's access to the assets. ix) Refusal to take legal action to obtain a court ordered payment that is not being paid, such as child support or alimony, if the benefit outweighs the cost. x) Failure to exercise rights in a Dissolution of Marriage case, which insure an equitable distribution of marital property and income. xi) Purchasing a single-premium life insurance policy, endowment policy or similar instrument within the look-back period, which has no cash value, and for which the individual receives no valuable consideration shall be considered an uncompensated transfer. The total amount of the purchase price shall be considered a transfer without fair consideration. 8.100.7.G. Treatment of Certain Assets as Transfers Without Fair Consideration