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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 86 Chapter 5 Assets

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 is named as the primary beneficiary for up to the amount paid in benefits to the individual. The designated beneficiary receives any remaining amount. LOOK-BACK DATE The look-back date is the earliest date for which a penalty for transferring assets for less than CMV can be applied. Penalties can be applied for transfers that take place on or after the look- back date. Penalties cannot be applied for transfers that take place prior to the look-back date. When an individual applies more than once (e.g., he applies and is denied due to excess assets and applies again later), the look-back date is based on the first date on which the individual applied for WV WORKS. The look-back date establishes the look-back period. 5.7.2.A Look-Back Period The length of time for which the Worker looks back for any asset transfers depends upon whether or not a trust fund was involved. 5.7.2.A.1 Trust Amounts Treated as Uncompensated Transfers The look-back period is 60 months for amounts in revocable or irrevocable trusts that are considered transferred. The time period begins the month the client applies for WV WORKS. Irrevocable agreements may result in an asset becoming inaccessible to the client. 5.7.2.A.2 Other Transfers The look-back period is 36 months. The time period begins the month the client applies for WV WORKS. 5.7.2.B Permissible Transfers The following transfers do not result in a penalty for transferring assets. See Section 5.5.46.