Page 24

UNOFFICIAL 1700.1-24 “Equity” means fair market value minus encumbrances against the property. “Equity interest in home” means the value to the property less any encumbrances. “Estate” means the real and personal property included in an estate under the State’s probate law and any other real or personal property and other assets in which the individual had any title or interest in at the time of death (to the extent of such interest). This includes assets conveyed to a survivor, heir, or assign of the deceased through joint tenancy, tenancy in common, survivorship, life estate, living trust, or other arrangements. “EW” or “eligibility worker” means an employee of the department responsible for the determination of eligibility for medical assistance. “F/S NF” means freestanding nursing facility. “Facility” means an institution that furnishes health care services to inpatients. “Fair market value” means the amount an asset is expected to sell without discount on the open market for such asset in the geographic area involved, and under the existing economic conditions. Fair market value includes valuable consideration. “Family” means for a MAGI individual or household those individuals for whom a taxpayer properly claims a deduction for a personal exemption under section 151 of the Internal Revenue Code for the taxable year. For a MAGI-excepted individual or a group of individuals, family means those individuals living in the same household, generally consisting of parents and their natural, or adoptive children under age nineteen years, grandparents and their grandchildren under age nineteen years, an adult sibling and his or her siblings under age nineteen years, a married couple and siblings under age nineteen years of either spouse, an uncle or an aunt and his or her nephews and nieces under age nineteen years, a married couple and their nephews and nieces under age nineteen years, a single adult and his or her first cousins under age nineteen years, married couples and first cousins under age nineteen years of one of the spouses, any