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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 49 Chapter 5 Assets

AG during this disposition period must be repaid to the Department once the client disposes of the asset. If, for any reason, the client fails to dispose of the property, or the case is closed during the exclusion period, all of the payments made to the AG must be repaid. If, at the end of the six- month period, the client has failed to dispose of the property, it must be counted as an asset. AFDC-Related Medicaid: The equity in real property, other than homestead property, is an asset. SSI Medicaid Groups: When the client's non-excluded real property is not used in a trade or business or does not meet the $6,000 or the $6,000/6% limitation, the equity in the property is an asset. 5.5.39.C Life Estates When the client establishes a life estate with his own property, the property itself is no longer an asset to him because ownership has been transferred. However, the value of the life estate is treated as an asset when it is not the client's principal place of residence. The value is determined as follows: • Step 1: Determine the CMV of the property. • Step 2: Determine the age of the life estate holder, as of his last birthday and the life estate factor for that age found in Appendix A. The table contained in the WV State Code is not used; only Appendix A is used. • Step 3: Multiply the CMV by the life estate factor determined in Step 2. The resulting amount is counted as an asset for the life estate holder. If the client believes the life estate is worth less than the determined value, he must provide proof of a lower value. SNAP WVW, AFDC-Related SSI Groups No* Yes* Yes* NOTE: For long-term care cases, a penalty may be applied for transferring property when retaining a life estate or for purchasing a life estate interest in another individual’s home. See Chapter 24.