Page 201

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

201 b) If the payment for the life estate exceeds the value of the life estate, as calculated using the methodology described at 8.100.7.H.3, then the difference between the amount paid and the value of the life estate shall be considered to be a transfer without fair consideration. ii) Resource Treatment 1) A life estate owned by an individual or individual’s spouse that was established on exempt property shall be considered an exempt resource. 2) A life estate owned by an individual or individual’s spouse that was established on countable property shall be considered a countable resource. a) The value of the life estate shall be determined by using the methodology described at 8.100.7.H.3.a. 3) A remainder interest held by an individual or individual’s spouse on exempt property shall be considered an exempt resource. 5) A remainder interest held by an individual or individual’s spouse on countable property shall be considered a countable resource a) The value of the remainder interest shall be determined by using the methodology described at 8.100.7.H.4. 3. Determining the Value of a Life Estate a. The value of a life estate interest is calculated using the following method: i) Determine the fair market value of the property on which the life estate was established. The fair market value shall be obtained by