Value of recipient’s interest.
For purposes of determining the value of the recipient’s interest in property of the decedent, all of the following apply:
(a)#
If the recipient held title to real property jointly with one or more persons other than his or her spouse, the recipient’s interest in the real property is equal to the fractional interest that the recipient would have had in the property if the property had been held with the other owner or owners as tenants in common.
(b)#
If the recipient held title to personal property jointly with one or more persons other than his or her spouse, the recipient’s interest in the personal property is equal to either of the following: 1. The percentage interest that was attributed to the recipient when his or her eligibility for public assistance was determined. 2. If the percentage interest was not determined as provided in subd. 1., the fractional interest that the recipient would have had in the property if the property had been held with the other co-owner or co-owners as tenants in common.
(b)(1)#
The percentage interest that was attributed to the recipient when his or her eligibility for public assistance was determined.
(b)(2)#
If the percentage interest was not determined as provided in subd. 1., the fractional interest that the recipient would have had in the property if the property had been held with the other co-owner or co-owners as tenants in common.
(c)#
If the recipient held a life estate in real property, the recipient’s interest is equal to the recipient’s percentage of ownership in the property based on the recipient’s age on the date of death and calculated using the fair market value of the property and life estate-remainderman tables used by the department to value life estates for purposes of determining eligibility for Medical Assistance.
(d)#
A property’s fair market value is the price that a willing buyer would pay a willing seller for the purchase of the property. The burden of proof for establishing a property’s fair market value is on the surviving owners or beneficiaries, or their representatives. Fair market value must be established through a credible methodology, which may include an appraisal performed by a licensed appraiser.