7 AAC 100.519 - Definitions
In 7 AAC 100.500 - 7 AAC 100.519, unless the context requires otherwise,
(1) "annuity" means an
actuarially sound contract in which an individual pays an entity a lump sum of
money in return for the right to receive fixed, equal, periodic payments,
either for life or for a term of years;
(2) "asset" means all income and resources
under 7 AAC 100.400 of the individual and
of the individual's spouse, including
(A)
income or resources to which the individual is entitled but does not receive
based on the action of the individual or person acting on the individual's
behalf to avoid receipt of the asset; and
(B) money used to purchase a promissory note,
loan, or mortgage;
(3)
"community spouse income allowance" means the amount of income a community
spouse is permitted to retain under
42 U.S.C.
1396 r - 5(d)(3);
(4) "community spouse resource allowance"
means the maximum amount of resources a community spouse is permitted to retain
under 42 U.S.C.
1396 r - 5(f)(2);
(5) "compensation" means something received
in compensation for the transfer of an asset to another individual or entity;
"compensation" includes cash, in-kind income, real or personal property,
services, and assumption of a legal debt;
(6) "fair market value" means
(A) for personal property, the value of an
asset in the community if sold by a willing seller to a willing buyer, neither
being under any compulsion to buy or sell and both having reasonable knowledge
of the relevant facts; and
(B) for
real property, the tax-assessed value of the property for the year of the
transfer; if no tax-assessed value exists, the fair market value is the value
of the real property in the community if sold by a willing seller to a willing
buyer, neither being under any compulsion to buy or sell and both having
reasonable knowledge of the relevant facts;
(7) "equity" means, with respect to real or
personal property, the fair market value less any legal encumbrance; in this
paragraph, "legal encumbrance" includes a mortgage, a lien, and a
judgment;
(8) "life estate" means
an estate or interest in real property held by an individual who has the legal
right to occupy, use, and profit from the real property until that individual
dies, at which time the life estate ends and the property returns to the owner
of the remainder interest in the property;
(9) "long-term care spouse" means a spouse
residing or likely to reside in a medical institution for a continuous period
of institutionalization, or who is approved under
7
AAC 130.205 -
7
AAC 130.219 for or is receiving home and
community-based waiver services;
(10) "penalty period" means the period of
time during which an individual is ineligible for long-term care services based
on imposition of a transfer-of-asset penalty;
(11) "spouse" means an individual legally
married to a member of the opposite sex, whether the individuals are living
together or apart;
(12) "transfer"
means to change ownership or title, in whole or in part, from the transferor to
the transferee, including any action eliminating or reducing control of an
asset;
(13) "uncompensated value"
means the difference between the equity value of an asset at the time of the
transfer and any payment or compensation received.
Notes
Authority:AS 47.05.010
AS 47.07.020
AS 47.07.040
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