415.01 What Is an Asset Transfer? (AAM)

415.01 What Is an Asset Transfer? (AAM)

SR 96-02 Dated 01/96 Previous Policy

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A transfer of assets exists when

• title or ownership of assets passes from one individual to another individual,

• another person is given access to assets through joint ownership,

• a document to transfer assets at a future date is completed and delivered to the individual who will receive the asset,

• action is taken that reduces or eliminates an individual ’ s ownership or control of such assets,

• another person is given access to the asset through joint ownership and any action is taken either by the individual or by any other person, that reduces or eliminates the individual ’ s ownership,

• an instrument to transfer title at some future date has been completed by the individual who is applying for or receiving assistance and delivered to the individual who is to receive title,

• an individual who is applying for or receiving financial assistance or institutionalized care has transferred or transfers title or ownership of an otherwise excluded home to another individual or entity, including a home which has become income producing,

• an individual places assets into an irrevocable trust or similar legal device including an annuity,

• an individual applying for or receiving financial assistance or institutional care obtains a reverse mortgage, home equity conversion mortgage, or similar loan on an otherwise excluded home or other real property and transfers the proceeds to another individual,

• an individual applying for or receiving financial assistance or institutional care converts a countable asset, or

• an individual is entitled to an asset but does not receive the asset because of action

- by the individual or the individual ’ s spouse,

- by a person, including a court or administrative body, with legal authority to act in place of or on behalf of the individual or the individual ’ s spouse, or

- by any person, including any court or administrative body, acting at the direction or upon the request of the individual or the individual ’ s spouse.

Actions causing an asset not to be received include, but are not limited to,

• irrevocably waiving any pension income or any other form of income or waiving an inheritance,

• refusing to accept or access injury settlements, judgments or court awards,

• diverting of tort settlements by the defendant into a trust or similar device to be held for the benefit of the individual, or

• refusing to take legal action to obtain a court ordered payment that is not being paid, such as child support or alimony.

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