Transfer Of Jointly Owned Asset

Transfer of an asset owned jointly by the participant and another person is considered a transfer by the participant. The participant’s share of the asset is used to compute the penalty. If the participant and their spouse are joint owners of the transferred asset, the couple’s combined ownership is used to compute the penalty. If the spouse becomes eligible for long-term care Medicaid, the rest of the period of restricted coverage is divided between the participant and spouse. (7-1-24)