Date of Transfer

The date a transfer occurs determines if the transfer was made during the lookback period or while an enrollee is receiving MA payment of LTC services.

Follow the policies below to determine the date of transfer:

l  When the transfer occurs via a personal check, the transfer date is the date the check clears the bank.

Example:

Lois gives her sister $400 via a personal check on August 10. Lois’ sister does not cash the check until December 21.

Action:

The transfer date is December 21, the date it clears the bank.

l  The transfer date for an annuity A purchased contract in which one party (annuity issuer) agrees to pay the purchaser, or the person(s) the purchaser designates (the payee or payees), a return on money deposited with the annuity issuer (either in the form of a single lump sum or several payments deposited over several months or years) according to the terms of the annuity contract. is one of the following, depending on the type of transaction:

n  Date of annuitization The point in time when an annuity's settlement option is chosen..

n  Date the annuity owner transfers ownership of the annuity to someone else.

n  Date annuity payments are transferred to someone else.

See Annuities Evaluation under Transfer Policy.

l  The transfer of real property Land, all buildings, structures, improvements, or other fixtures on it belonging or pertaining to the land, including mobile or manufactured homes attached to a permanent foundation on land owned by the client, all mines, minerals, fossils, and trees on or under it, and life estate and remainder interests. is completed when both execution and delivery have taken place. The transfer date is the earliest verified delivery date.

n  Execution is the signing of the deed by the person selling (seller) or transferring (donor) the property.

n  Delivery is the giving of the deed to the buyer or donee (or their representative), or recording the deed in the county recorder’s office.

Example:

Pablo has a lake cabin. He signs a seller’s agreement to sell the cabin to Mr. Webster for less than the fair market value (FMV) on May 8. Mr. Webster received the deed at the closing for the cabin on July 10. The changed deed is filed with the county on July 17.

Action:

The transfer date is July 10, the date the delivery was complete with the deed being given to Mr. Webster.

l  Determine the date of transfer into a client-funded trust as follows:

n  The date of transfer into an irrevocable client-funded trust created before July 1, 2005 is the date the trust is funded. A new transfer occurs each time a client adds additional funds to the trust. The date of transfer is the date the additional funds are deposited into the trust.

Note: Assets transferred into irrevocable trusts established on or after July 1, 2005 are treated as an available asset. Do not evaluate assets transferred into these trusts as uncompensated transfers.

n  The date of the transfer from a client-funded trust to or for the benefit of someone other than the client is the date the payment is made.

n  The date of transfer by a person age 65 or older into a special needs trust or pooled trust is the date the trust is funded or client funds are added to an existing trust after the date the client reaches age 65.

l  For MA only:  A signed consent agreement stating the client will not elect against a spouse's will when the client does not receive assets equal to or greater than the spouse’s share under the intestacy laws is a transfer at the time of signing or at the  death testator, whichever is later.

l  For all other transfers, submit a HealthQuest if the date of the transfer is unclear.

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