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

198 presumption that the transferred assets are not irretrievably lost as required under (e)(ii) above. Related parties are described in Section 8.100.7.G.7.c.ii of these regulations. 12. No period of ineligibility shall be assessed in any of the following circumstances: a. Convincing and objective evidence is provided that the individual intended to dispose of the resources either at fair market value or for other fair consideration. b. Convincing and objective evidence is presented proving that the resources were transferred exclusively for a purpose other than to qualify or remain eligible for Medical Assistance. c. All of the resources transferred without fair consideration have been returned to the individual. d. For assets transferred before February 8, 2006, the assets were transferred more than 36 months prior to the date of application. e. For assets transferred before February 8, 2006, the penalty period has expired based on the following formula: The fair market value of the transferred asset is divided by the average cost of Long Term Care institution care in the state at the time of application and the resulting number of months of ineligibility has ended prior to the date of application. 8.100.7.H. Life Estates 1. Definitions a. “Fair Market Value” means the amount for which a property or interest in a property could reasonably be expected to sell on the open market. b. “Life Estate.” A life estate conveys upon a grantee certain rights in property measured by the life of the life estate holder or of some other person. The owner of a life estate has the right to possess the property, the right to use the property, the right to obtain profits from the property, and the right to sell the life estate interest in the property. The