Date of Transfer (Archive)

The date a transfer occurs determines if the transfer was made during the lookback period for a program.

The policy below outlines criteria for determining the transfer date.

MinnesotaCare and GHO.

MA and GAMC.

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MinnesotaCare and GHO

There are no transfer provisions for MinnesotaCare or GHO.

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MA and GAMC

Follow the policies below to determine the date of transfer for different types of assets:

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 Annuity Transfers.

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 has 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  For transfers involving trusts:

n  When the trust is revocable, the transfer date is considered to be the date the payment is made to someone other than the grantor.

n  When the trust is irrevocable, the date of the transfer is the date the income or asset is transferred into the trust. The date can be at the time the trust is created or it may be at a later date as people often continue to add assets to the trust over time. A new transfer occurs each time additional funds are added to the trust.

l  For MA only:  A consent agreement not to elect against a will is not a transfer at the time of signing, but may be considered an improper transfer at the time of death depending on the circumstances

l  For all other transfers, if the date of the transfer is unclear, follow your agency's procedures to submit a policy question to HealthQuest.

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