§ 50489. Trusts--General.
22 CA ADC § 50489Barclays Official California Code of Regulations
22 CCR § 50489
§ 50489. Trusts--General.
(2) “Annuitized” means that an annuity is paying a fixed, equal amount to the annuitant on a periodic basis. Payments shall be no less frequent than monthly over a number of years equal to or less than the annuitant's life expectancy as indicated in life expectancy tables provided by the Secretary for the Department of Health and Human Services, contained in Section 3258.9 (Revision 64), Part 3 of the Health Care Financing Administration's State Medicaid Manual and titled “Life Expectancy Table--Males and Life Expectancy Table--Females”. The final annuity payment may be for an amount less than the previously fixed annuity payments in order to fully exhaust benefits under the annuity. An annuity shall be considered annuitized even though it may provide an annual cost of living adjustment equal to or less than 5%.
(3) “Annuity” means a contract to make periodic payments of a fixed or variable sum paid to an annuitant which are payable unconditionally. Annuity payments may continue for a fixed period of time or for as long as an annuitant lives. An annuitant purchases an annuity with his or her property or property rights. Annuities shall be established to provide the annuitant with payments representing principal and interest which are more than the fair market value of the property used to purchase the annuity. Annuities purchased prior to August 11, 1993, other periodic payment plans, or annuities that are purchased with property rights belonging to someone other than the Medi-Cal applicant/beneficiary or spouse shall continue to be treated in accordance with Title 22, Section 50402 and Article 10 of this chapter.
(6) “Date of establishment” means the date the trust document (in the case of a trust), annuity purchase agreement (in the case of an annuity), or other creating document (in the case of a similar legal device) is signed and dated. A trust is not considered to be established on the date it has been amended.
(9) “Similar legal device” (SLD) means any legal instrument, device or arrangement that involves the transfer of assets from an individual or entity (transferor) to another individual or entity (transferee) with the intent that the assets be held, managed, or administered by an individual or entity for the benefit of the transferor or certain other individuals. SLDs also include annuities purchased on or after August 11, 1993.
(10) “Trust” means any arrangement in which an individual or entity (trustor) transfers assets to a trustee with the intent that the assets be held, managed, or administered by the trustee(s) for the benefit of the trustor or certain designated individuals (beneficiaries). The trust must be valid under State law. The term “trust” also includes any legal instrument or device similar to a trust as described in subsection (b)(9) of this section.
(2) An oral trust shall be verified by written affidavit and by any other related documents. Affidavits shall be dated and signed under penalty of perjury, and shall specify the terms of the oral agreement. Real property cannot be held in an oral trust. Oral trusts which are held in financial institutions are subject to Section 50402.
Credits
Note: Authority cited: Sections 10725 and 14124.5, Welfare and Institutions Code. Reference: Sections 14005.7, 14006 and 14015(a), Welfare and Institutions Code; and Sections 1396a(r)(2)(A) and 1396p(c), (d) and (e), Title 42, United States Code.
History
1. Repealer and new section filed 4-6-94; operative 5-6-94 (Register 94, No. 14). For prior history, see Register 87, No. 30.
2. Repealer and new section filed 1-28-98; operative 1-28-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 5).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 22, § 50489, 22 CA ADC § 50489
End of Document |