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2640.10.20.10 COMPENSATION IN REAL OR PERSONAL PROPERTY Compensation in the form of real or personal property is valued according to the fair market value of that property at the time of the property transfer. 2640.10.20.15 COMPENSATION BY SUPPORT/MAINTENANCE The value of compensation in the form of support and/or maintenance provided, or agreed to be provided, is based on the fair market value and duration of the support and/or maintenance. Example: The applicant/recipient has transferred a sum of money to a retirement community with the expectation that they will be provided with support and maintenance for a period of time. 2640.10.20.20 COMPENSATION BY SERVICES AGREEMENT, PERSONAL NEEDS CONTRACT, PERSONAL CARE CONTRACT OR OTHER SIMILAR AGREEMENTS The policy below applies to new applications filed on or after July 26, 2024. For purposes of this section, “agreement” refers to a service agreement, personal needs contact, a personal care agreement, or other similar agreement where services are provided in return for compensation. All agreements must be sent to PAL for review. If there is an agreement in place, even if it has not been paid, it must be provided at the time of application for review. The agreement and logs must clearly display the services provided, the dates and hours of services, the names of the caregiver/s, proof that the value of services is commensurate with fair market value, verification of payments made, and the total amount paid to each caregiver. To be considered an allowable transfer of assets, an agreement must90: 1. Be in writing 2. List the services provided to an applicant or member 3. List the payment rate of the services provided to the applicant or member 4. List the care provider or providers 5. Be signed by each party 6. Be notarized at the time the agreement is made 7. The requirements in the above sections 1-6 are not required when documentation is submitted to the office stating payments for services were made at the time the services were rendered (such as cash checks or bank statements). The fair market value of the services provided, and the payment made will still be reviewed for a potential transfer of property penalty. Lump sum payments or rolling credit accounts for services previously provided are not considered payments at the time of the service.