Page 42

a. Count the remainder interest in real property. A remainder interest in real property is created when a person owns real property but another individual retains the right to use the property for the remainder of his life (a life estate). The person to whom the property was transferred has a remainder interest in the property. Refer to VII above, for definitions of types of property interest. b. To determine the value of a remainder interest, multiply the total tax value of the real property on the date the life estate is transferred by the Remainder % from the Life Estate and Remainder Interest Tables, based on the age of the individual whose life determines the length of the life estate. The resulting amount is the tax value of the remainder interest. Refer to https://secure.ssa.gov/poms.nsf/lnx/0501140120 5. Unused Tobacco Allotment Count the value of the land if the allotment is not being used, unless it can be excluded another way. 6. Time Shares a. A time share is the right to use property, such as a resort property, for a specific time period, usually no more than a few weeks. b. A time share interest is a fee simple property interest. c. If the time share is an available asset, it is countable as a resource. If there is an individual deed to the property, it is considered available. Obtain a copy of the deed. d. Count 15% of the purchase price as the established value. 7. Salable Property Agreement/Promissory Note A property agreement (usually a promissory note) which can be sold is a countable resource. (Refer to MA-2240, Transfer of Assets, IX.C.) a. Count the balance due on the note as an available resource. b. The a/b may rebut the value of the agreement. See procedures in VII.E. below. C. Verify Ownership of Real Property During the interview question the a/b about real property. Use the Resource Interview Guide, located at http://www.ncdhhs.gov/dma/county/medicaidtraining.htm. Search the following county records. Document the description and tax value of all 42