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West Virginia Income Maintenance Manual Chapter 24
West Virginia Income Maintenance Manual Page 64 Chapter 24 Long Term Care
24.8.2.H Treatment of Transfer of a Stream of Income or Right to a Stream of Income When the client fails to take action necessary to receive income or transfers the right to receive income to someone else for less than CMV, the transfer of resources penalty is applied. The Worker must follow the steps described below. Step 1: Verify the amount of potential annual income. Step 2: Using the client's age as of his last birthday, determine the Remainder Interest Value in Appendix A. Step 3: Multiply the Step 2 amount by the Step 1 amount to determine the uncompensated value. Step 4: Divide the Step 3 amount by the average monthly nursing facility private pay rate of $11,903 to determine the penalty period. 24.8.2.I Treatment of Jointly-Owned Resources Jointly owned resources include resources held by an individual in common with at least one other person by joint tenancy, tenancy in common, joint ownership or any similar arrangement. Such a resource is considered to be transferred by the individual when any action is taken, either by the individual or any other person that reduces or eliminates the individual's ownership or control of the asset. Under this policy, merely placing another person's name on an account or resource as a joint owner might not constitute a transfer of resources, depending upon the specific circumstances involved. In such a situation, the client may still possess ownership rights to the account or resource and, thus, have the right to withdraw all of the funds at any time. The account, then, still belongs to the client. However, actual withdrawal of funds from the account, or removal of all or part of the resource by another person, removes the funds or property from the control of the client, and, thus, is a transfer of resources. In addition, if placing another person's name on the account or resource actually limits the client's right to sell or otherwise dispose of it, the addition of the name constitutes a transfer of resources. NOTE: A partial month’s penalty is imposed for the transfer of an individual or single income payment that is less than the monthly nursing facility private pay rate. See Transfer Penalty Section below for instructions about how to determine and apply partial month penalties.