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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 78 42.1.1. Owner Can Do Unless the instrument (will or deed) establishing the life estate places restrictions on the rights of the life estate owner, the owner has the right to possess, use, and obtain profits from the property and to sell his or her life estate interest. 42.1.2. Owner Cannot Do A life estate owner owns the physical property only for the duration of the life estate. The owner generally can sell only his or her interest; i.e., the life estate. The owner cannot take any action concerning the interest of the remainderman. 42.1.3. Value of Life Estate • A life estate in home property is an excluded resource and valuation is not necessary. See Home Property Chapter E - 35. • Evaluate all other life estates as Non-Home Real Property and develop ownership and CMV value per Chapter E - 49. • Using the Life Estate column of the Unisex Life Estate or Remainder Table (Chapter E – 41.5), multiply the CMV of the property by the life estate interest decimal that corresponds to the life estate owner's age. The result is the resource value of the life estate. 42.2. Life Estates With Powers Life estates “with powers,” are ones wherein the owner of the property creates a life estate for himself or herself, retaining the power to sell the property, with a remainder interest to someone else, e.g., a child. Since the life estate holder retains the power to sell the property, its value as a resource is its full equity value. 42.3. Remainder Interests When the owner of property gives it to one party in the form of a life estate, and designates a second party to inherit it upon the death of the life estate holder, the second party has a remainder interest in the property. A remainderman has an ownership interest in the physical property but without the right to possess and use the property until termination of the life estate.