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

200 4) A remainder interest held by an individual or individual’s spouse on countable property shall be considered a countable resource i) The value of the remainder interest shall be determined by using the methodology described at 8.100.7.H.4.a. b. Life Estates Established on or after July 1, 1995 i) Transfer without fair consideration Treatment 1) The establishment of a life estate on or after July 1, 1995 on property owned by an individual or individual’s spouse shall be considered a transfer without fair consideration if the life estate was established within the look-back period described at 8.100.7.F.2.b. a) For the purpose of determining the transfer without fair consideration penalty period, the amount of the transfer shall be based on the value of the remainder interest, as calculated using the methodology described at 8.100.7.H.4.a. 2) The purchase of a life estate interest in a home not owned by an individual or individual’s spouse on or after April 1, 2006 within the look-back period described at 8.100.7.F.2.b. shall be considered a transfer without fair consideration unless the purchaser lives in the home for a period of at least twelve (12) consecutive months after the date of the purchase. a) For the purpose of determining the transfer without fair consideration penalty period, the amount of the transfer shall be the entire amount used to purchase the life estate.

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Page 200

Official source

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

200 4) A remainder interest held by an individual or individual’s spouse on countable property shall be considered a countable resource i) The value of the remainder interest shall be determined by using the methodology described at 8.100.7.H.4.a. b. Life Estates Established on or after July 1, 1995 i) Transfer without fair consideration Treatment 1) The establishment of a life estate on or after July 1, 1995 on property owned by an individual or individual’s spouse shall be considered a transfer without fair consideration if the life estate was established within the look-back period described at 8.100.7.F.2.b. a) For the purpose of determining the transfer without fair consideration penalty period, the amount of the transfer shall be based on the value of the remainder interest, as calculated using the methodology described at 8.100.7.H.4.a. 2) The purchase of a life estate interest in a home not owned by an individual or individual’s spouse on or after April 1, 2006 within the look-back period described at 8.100.7.F.2.b. shall be considered a transfer without fair consideration unless the purchaser lives in the home for a period of at least twelve (12) consecutive months after the date of the purchase. a) For the purpose of determining the transfer without fair consideration penalty period, the amount of the transfer shall be the entire amount used to purchase the life estate.