§ 40-8-3.1. Life estate in property-retained powers. When an applicant or recipient of Medicaid owns a life estate in property that is his or her principal place of residence with the reserved power and authority, during his or her lifetime, to sell, convey, mortgage, or otherwise dispose of the real property without the consent or joinder by the holder(s) of the remainder interest, said principal place of residence shall not be regarded as an excluded resource for the purpose of Medicaid eligibility, unless the applicant or recipient individually or through his or her guardian, conservator or attorney in fact, conveys all outstanding remainder interest to him or herself.
An applicant or recipient who, by a deed created, executed and recorded on or before June 30, 2014, has reserved a life estate in property that is his or her principal place of residence with the reserved power and authority, during his or her lifetime, to sell, convey, mortgage, or otherwise dispose of the real property without the consent or joinder by the holder(s) of the remainder interest, shall not be ineligible for Medicaid on the basis of such deed, regardless of whether the transferee of such remainder interest is a person or persons, trust or entity.
History of Section. (P.L. 2014, ch. 145, art. 19, § 3.)
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