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West Virginia Income Maintenance Manual Chapter 24
West Virginia Income Maintenance Manual Page 41 Chapter 24 Long Term Care
24.8.2.A.1 Fair Market Value (FMV) The FMV is an estimate of the value of a resource, if sold at the prevailing price at the time it was actually transferred. For a resource to be considered transferred for FMV, or to be considered transferred for valuable consideration, the compensation received for the resource must be in a tangible form, with intrinsic value. A transfer for love and consideration, for example, is not considered a transfer for FMV. Also, while relatives and friends legitimately can be paid for care they provide to the individual, it is presumed that services provided for free, at the time, were intended to be provided without compensation. Therefore, a transfer to a relative for care provided in the past normally is not a transfer of assets for FMV. However, an individual may rebut this presumption. See Transfers to Pay for Personal Care Services in Section 24.8.2.F. 24.8.2.A.2 For the Sole Benefit of For a transfer or trust to be considered for the sole benefit of a spouse, disabled child, or a disabled individual under age 65, the transfer or trust cannot benefit any other in any way, either at the time of the action, or at any time in the future, except as provided below. The agreement must be in writing. If a beneficiary is named to receive the funds remaining in a trust upon the individual’s death, the transfer is considered made for the sole benefit of the individual if the Department of Human Services (DOHS) is named as the primary beneficiary for up to the amount paid for services to the individual. The designated beneficiary receives any remaining amount. EXCEPTION: A trust may provide for reasonable compensation for a trustee to manage the trust, as well as for reasonable costs associated with investing or otherwise managing the funds or property in the trust. In defining reasonable compensation, consider the amount of time and effort involved in managing a trust of the size involved, as well as the prevailing rate of compensation, if any, for managing a trust of similar size and complexity.