Transfer Examples Answers Example One Resource Deficit Example

Example One Resource Deficit Example • Applicant has $11, 250 countable resources • 2

Example Two Calculating A Penalty Period • A/R lives in Albany • Transferred home

Example Three Determining Start Date For Penalty • Penalty determined to be 20. 82

Example Four Determining Start Date For Penalty • Applicant – Institutionalized and eligible October

Example Five Transfer & Life Estate • February 2010, Otis Owner, age 72, transferred

Example Five Transfer & Life Estate, cont’d • Nellie Niece sells the home January

Example Six Transfer • 72 year old male Applicant, Onondaga Co • Gave $120,

Example Seven Promissory Note Example • 75 year old male applicant, Steuben County, transferred

Example Seven Promissory Note Example (cont’d) • • Private rate at NH $11, 000

Example Eight Applicant For MEC • Dollar for Dollar Plan has paid $180, 000

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Transfer Examples Answers

Example One Resource Deficit Example • Applicant has $11, 250 countable resources • 2 years prior to application applicant transferred $5, 000 • Determine prohibited transfer amount

Example Two Calculating A Penalty Period • A/R lives in Albany • Transferred home to nephew • FMV of home $250, 000 • Nephew paid $60, 000 • Countable resources $12, 250 • No burial fund • Determine Penalty Period and partial month

Example Three Determining Start Date For Penalty • Penalty determined to be 20. 82 months • Transfer made September ‘ 09 • Institutionalized and otherwise eligible December 2013 • Penalty =

Example Four Determining Start Date For Penalty • Applicant – Institutionalized and eligible October ’ 12 • At renewal it’s determined A/R refused an inheritance in May 2013 resulting in a penalty of 8. 07 months • Penalty =

Example Five Transfer & Life Estate • February 2010, Otis Owner, age 72, transferred his home to Nellie Niece, retaining life estate. • FMV at time of transfer = $160, 000 • Mortgage = $20, 000 • Countable resources: $7, 750 • No burial fund • Determine the Uncompensated Value for the transfer of the home

Example Five Transfer & Life Estate, cont’d • Nellie Niece sells the home January 2013. Otis Owner (now age 75) agrees to give up his right to life estate. • FMV now $165, 000 • Now has $13, 400 countable resources • Has an irrevocable burial trust which includes $1500 of non burial space items • Determine Uncompensated Value for early termination of the life estate

Example Six Transfer • 72 year old male Applicant, Onondaga Co • Gave $120, 000 to daughter 1 year ago • Countable resources @ application = $10, 000 • $15, 000 irrevocable burial fund which includes $1500 of non burial space monies • Client applied and is otherwise eligible February 2014

Example Seven Promissory Note Example • 75 year old male applicant, Steuben County, transferred $100, 000 cash to his son 1 month prior to applying for NH MA • Also $100, 000 was used to purchase a promissory note on the same day • Payments of $10, 000/m for 10 months began immediately § Payments are actuarially sound, and contract states that if the father passes away, payments will continue to the estate

Example Seven Promissory Note Example (cont’d) • • Private rate at NH $11, 000 Other countable Income: $1, 750/m Countable resources at application: $13, 000 Client has an Irrevocable Burial Fund containing over $1500 in non-burial space items • Determine if client is “otherwise eligible” and length of penalty period

Example Eight Applicant For MEC • Dollar for Dollar Plan has paid $180, 000 on their behalf • He/she has $165, 000 in countable resources • During the asset review it’s determined that there is a $80, 000 transfer • Determine the amount of the uncompensated transfer