5720 Transfer of Property

A transfer of property is an act which partially or totally passes the use, control, or ownership of property, either resources or income, to another individual, individuals or corporation. A transfer of property may be a gift of cash or property but includes all actions in which the individual gives up any legal or equitable interest in an asset. Other examples include, but are not limited to:

The sale of real or personal property.

The purchase of real or personal property.

The purchase or sale of any notes, loans or mortgages, annuities, or similar financial instruments.

Placing assets into a trust or changing the terms of an existing trust by amendment; disclaiming the right to an inheritance, including failure to exercise spousal elective share.

Adding or removing names or other owners of property.

Transferring or disclaiming income or the right to income not yet received.

A property settlement in a divorce proceeding that is not fair, equitable, or conscionable.

These, or any similar actions, taken by an individual requesting or receiving long term care services, or the spouse of such individual, within the allowable look back period, must be considered under the provisions of this section and may be subject to penalty.