A Improperly Titled Assets
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A Improperly Titled Assets

 

Program

Manual Section

ALTCS

MA704C

 

Procedures

1) Asset belonging to the ward is titled only to the agent and the agent agrees that the asset belongs solely to the ward

Step

Action

1

Document the case notes with the agent's statement on the customer's sole ownership of the asset.

2

Send an RFI for proof of the corrected title showing sole ownership by the ward.

NOTE     This may not always be legally possible. For example, the agent purchased an insurance policy with the ward's funds. The policy is titled to the agent, but the agent signed over ownership of the insurance policy to a mortuary to fund a pre-need burial contract for the ward. It is legally impossible for the agent to change the title of the insurance policy. Proof that the policy has been irrevocably assigned to fund the burial contract for the ward and the agent's statement will satisfy the titling requirement. Treat the asset as the ward’s

4

Treat the asset as belonging to the ward during the time allowed to correct the title.

5

If proof of the corrected title is needed, but not provided, treat the asset as a transfer to the agent as of the day after the RFI due date. See Chapter 900 - Transfers.

 

2) When the ward has an ownership interest in an asset titled only to the agent, and the agent does not agree that the asset belongs solely to the ward

Step

Action

1

Document the case notes with the agent's statement.

2

Send an RFI asking for proof of:

  • The agent’s ownership interest in the asset;

  • The corrected title showing the ward’s ownership interest, if any.

4

Was any proof provided?

  • If NO, STOP. Evaluate the asset under the transfer policy in Chapter 900.

  • If YES, continue to step 5.

5

Review the proof provided:

  • If there is proof that the agent is the sole owner of the asset, STOP. The asset does not belong to the ward and is not counted.

  • If the proof does not show the agent is the sole owner of the asset, continue to step 6.

6

Was proof provided that the title has been corrected to show the ward’s actual ownership interest?

  • If NO, evaluate the ward’s actual ownership interest as a transfer of assets (see Chapter 900). The date the asset was solely titled to the agent is the date of transfer.

  • If YES, determine the counted value of the asset based on the ward’s ownership interest (see MA704)

 

NOTE     If the customer or conservator says that the funds in a Conservatorship account are not an available resource, or the conservatorship was set up in another state, and a Policy Clarification Request is needed, attach the following documents: