Topic: equity
Determining the countable value of property not associated with the home property
Effective 09/01/2016 Home Property in a revocable trust is considered an available resource. When a client’s home property is in a revocable trust, the worker informs the client or his or her representative that the home property exemption does not apply unless the property is removed from the revocable trust. The worker provides the client […]
317:35-5-41.8 (a)(3)(F) Equity < the Maximum Home Equity Standard If individual intends to return home property it may be excluded as a countable resource up to 12 months from date of entry into ICF. The home property continues to be an exempt resource if one of the following lawfully resides in the home. Spouse Own […]
Home Property Explanation
Home Property Equity In determining eligibility for long-term care services applications filed on or after January 1, 2006, home property (which includes all property adjacent to the home ) is excluded from resources unless the individual’s equity interest in his or her home exceeds the Maximum Home Equity Standard. The home equity standard is located […]
Excess Resources OAC 317:35-19-21-(3)(D) If the equity in capital resources is in excess of the standards but less than the amount of one month’s vendor payment, certification is delayed up to 30 days providing plans are made for the applicant to utilize the excess resource. Certification is made at the point excess resources have been […]