Or. Admin. Code § 461-135-0845 - Valuation of Life Estate, Reversionary Interest, and Property
(1) In this rule,
"spouse" or "spouses":
(a) For
federally-funded programs, has the meaning defined in OAR
461-001-0000,
(b) For programs not federally-funded, has
the meaning defined in OAR
461-001-0000 but also includes a
registered domestic
partner (see OAR
461-135-0832).
(2) Effective July 18, 1995, the
value (see OAR
461-135-0832) of a life
estate (see OAR
461-135-0832) or other
interest (see OAR
461-135-0832) in real
property (see OAR
461-135-0832), personal
property (see OAR
461-135-0832), or other
assets (see OAR
461-135-0832) measured by or
valued with respect to a life span, including that of the relevant recipient of
assistance (see OAR
461-135-0832), is established by
reference to the life estate valuation tables in this section
and is valued as of the time of death (see OAR
461-135-0832) of the recipient
of assistance irrespective of the actual life span of the
measuring life. [Table not included. See ED. NOTE.]
(3) Excluding accounts under section (4) of
this rule or property under section (6) of this rule, for
assistance recovery purposes, the interest of
a person (see OAR
461-135-0832) in real
property, personal property, or other assets held in
joint tenancy (see OAR
461-135-0832) (including
transfers with right of survivorship covered by ORS
93.180), tenancy in
common (see OAR
461-135-0832), or other form of
concurrent ownership with one or more other persons with right of
survivorship (see OAR
461-135-0832), other than a
spouse, is presumed to be the fractional share held by the
person. The fractional share of a person is
presumed to be the share reflected in the ownership documents
(see OAR 461-135-0832). Such presumption
may be rebutted under the consideration furnished test (see
OAR 461-135-0832) using
convincing evidence (see OAR
461-135-0832) of the actual
consideration contributed by another co-owner of the property or
assets. In the absence of any stated fractional share on the
ownership documents, each co-owner is presumed to have an
equal fractional share of ownership of the whole, unless rebutted by the
consideration furnished test using convincing
evidence.
(4) For
medical assistance (see OAR
461-135-0832) recovery purposes,
the interest of a recipient in multi-party accounts with an
insured institution or credit union is presumed to be one-hundred percent, and
the account's value shall be determined at time of death. The
presumption may be rebutted by the consideration furnished
test using convincing evidence.
(5) With respect to real property,
personal property, or assets held jointly by
spouses, as tenants in common, tenants by the entirety, or
other concurrent ownership, the interest of a person in such
property or assets is conclusively deemed to be one-half;
provided, however, that in the event the ownership documents
expressly set forth a different fractional share of ownership, and
such fractional share is lawful in the appropriate jurisdiction, then the
interest of a person is presumed to be the
fractional share set forth in such ownership documents. Such
presumption may be rebutted using convincing evidence. The
consideration furnished test does not apply to this section of
the rule.
(6) With respect to
real property, personal property, or other
assets conveyed by a transfer on death deed or other similar
arrangement, including, but not limited to, payable on death accounts with
financial institutions; the interest of the transferor is
presumed to be one-hundred percent, except that if there is more than one
transferor their respective interests are determined in accordance with
sections (3), (4), and (5) of this rule.
(7) The value of
real property is determined by establishing the value
of the property to the satisfaction of the department
(see OAR 461-135-0832). The burden of
proof for establishing the value of the real
property to the satisfaction of the department lies
with the person or, after the time of death
of the person, with the person's representative, and may be
established by any methodology, including an appraisal performed by an
appraiser certified or licensed in the applicable jurisdiction, that the
department determines most accurately reflects the
value of the real property. The sum of liens
or other encumbrances, if any, attached to the real property
established using convincing evidence, is subtracted from the
value of the real property to determine a net
value of the real property.
(8) The value of
personal property consisting of shares of stock or other
securities traded on an exchange is evidenced by the average of the bid and ask
prices. If such bid and ask prices are unavailable for certain stocks or
securities, the value may be established by a written estimate
from the corporation or other entity issuing such shares or securities of the
value, or if such estimate is unobtainable, an estimate from a
broker, trader or other person with knowledge in the field.
The sum of liens or other encumbrances established using convincing
evidence, is subtracted from the value of such stock
or securities to determine a net value of the personal
property consisting of stock or other securities.
(9) Subject to section (8) of this rule, the
value of tangible personal property,
including, but not limited to, livestock, furniture, vehicles and other
tangible items may be established:
(a) By a
written estimate from a person knowledgeable in the field of
appraising such items of personal property; or
(b) From published sources such as catalogs
of antiques or collectibles, blue books or other convincing
evidence that accurately establishes the value of the
property.
(10) The sum
of liens or other encumbrances, if any, attached to such property in section
(9), established usingconvincing evidence, is subtracted from
the value of the tangible personal property
to determine a net value of the tangible personal
property.
(11) The
value of intangible personal property not
otherwise provided for in this rule, is established by a written estimate from
a person knowledgeable in the field of appraising such items
of intangible personal property. The sum of liens or other
encumbrances, if any, attached to such property, established
usingconvincing evidence, is subtracted from the
value of the intangible personal property to
determine a net value of the intangible personal
property.
(12)
Notwithstanding anything to the contrary in this rule, any real
property, personal property, or other assets in a
probate estate is valued in accordance with the probate code
of the jurisdiction of the probate proceeding.
(13) Notwithstanding anything to the contrary
in this rule, if a claim under OAR
461-135-0835 is deferred until a
recipient's spouse dies; the value of any
real property, personal property or other
assets, subject to the deferred claim, is established as
follows:
(a) For real
property, personal property, or other
assets in the probate estate of the deceased
spouse; the value is the current
value at the time of probate; or
(b) For real property,
personal property, or other assets not in the
probate estate of the deceased spouse; the
value is determined on the later of the date of the claim or
the sale of the real property, personal property, or other
assets.
(14) The amount of a claim of the
department that is recoverable from a person
other than the recipient of assistance is calculated
through the following steps:
(a) Step One:
Determine the value of the real
property, personal property, or other
assets received by the person from the
recipient of assistance.
(b) Step Two: Deduct from the
value the amount of any liens or encumbrances.
(c) Step Three: Multiply the result by the
fraction or percentage that constitutes the interest received
from the recipient of assistance.
Notes
To view attachments referenced in rule text, click here to view rule.
Statutory/Other Authority: ORS 411.060, 416.350, 413.085, 414.685, ORS 409.050 & 413.042
Statutes/Other Implemented: ORS 416.340, 416.350, 411.708, 411.795, 416.310, 413.085, 414.685, 106.300 to 106.340 & ORS 93.969
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.