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UNOFFICIAL 1725.1-34 (b) An asset that was transferred on or after the date of application shall be considered as follows: (1) A penalty period shall be assessed if an individual transfers an asset after being determined eligible for coverage of long- term care services. (2) A penalty period shall not be assessed for the transfer of an asset owned by the community spouse made after the individual has been determined eligible for coverage of long-term care services with the exception of subsection (d). (c) The transfer provision shall apply to an asset held by the individual and the individual’s spouse when any action is taken that reduces or eliminates such individual’s ownership or control of such asset. (d) The transfer provision shall apply to countable assets under this chapter owned by the individual or the individual’s community spouse or both and to the following exempt assets in subchapters 4 and 5: (1) The home property; (2) The value of basic maintenance items essential for day-to-day living including but not limited to clothing, furniture, and appliances; (3) All motor vehicles with the exception of watercrafts or air transportation vehicles, including but not limited to cars, trucks, vans, or motorcycles; (4) The equity value of a bona fide funeral or burial plan or agreement; and (5) The burial space (including plots, vaults, and niches) including those designated for immediate family members. (e) The transfer provision shall apply to the transfer of income of the individual and the individual’s spouse, or their right to receive income, either as a single payment or a stream of income that