South Dakota Administrative Rules › Title 67 - Department of Social Services › Article 67:46 - Eligibility for medical services › Chapter 67:46:05 - Long-term care resource requirements › Section 67:46:05:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Assets," the income and resources of an
  individual and the individual's spouse, including any income or resource which
  the individual or the individual's spouse is entitled to receive but does not
  because of some action or inaction on the part of any of the individuals listed
  in §
									67:46:05:32.01;
(2) "Contiguous property," all land adjacent
  to the home including land separated only by roads, rivers, streams, and
  similar features and not separated by intervening property owned by another
  person;
(3) "Equity" or "equity
  value," the fair market value of property less any encumbrances. Future
  interest owed as a result of the debt is not considered in establishing equity
  value;
(4) "Fair market value," the
  amount for which the property can be expected to sell on the open market in the
  geographic area involved under existing economic conditions;
(5) "Home property," a shelter which the
  individual owns and which is used as the individual's principal place of
  residence, including the buildings and contiguous property;
(6) "Liquid resources," assets which are in
  cash or payable in cash on demand or financial instruments which can be
  converted into cash within 20 workdays. Liquid resources include cash on hand,
  savings or checking accounts, stocks, bonds, mutual fund shares, promissory
  notes, mortgages, contracts for deed, and similar properties;
(7) "Nonliquid resources," all resources
  other than liquid resources and excluded resources. Nonliquid resources include
  real, personal, or business property such as inventories, livestock,
  implements, vehicles, stored grain, and similar properties;
(8) "Other real property," real property
  other than that having the characteristics of home property or real property
  held in trust;
(9) "Real property,"
  real property as defined in SDCL
  43-1-3;
(10) "Real property held in trust," real
  property to which the federal government has the legal title but which is being
  held for the benefit of citizens;
(11) "Transfer," any action or inaction taken
  by an individual or the individual's spouse or someone acting on behalf of or
  at the request of the individual or the individual's spouse which results in
  loss of possession, ownership of a lesser share, or less control or access by
  an individual of any interest in income or real or personal property, including
  items such as a gift, a disclaimer of inheritance, or an assignment; or any
  action that results in reducing the amounts which an individual might otherwise
  claim from any source, including items such as a decedent's estate, a trust or
  similar legal device, or an obligation from someone required by law to furnish
  support;
(12) "Trust" or "Similar
  legal device," any arrangement, instrument, or device, such as an annuity,
  escrow account, pension fund, or investment account, in which another entity
  controls an individual's funds and has a duty to that individual to follow the
  instructions of the arrangement, instrument, or device; and
(13) "Vested right" or "life estate
  interest," the immediate fixed right of possession or future enjoyment of
  property by an individual or individuals.
General Authority:
SDCL
		28-6-1.
Law Implemented:
SDCL
		28-6-1.
Real and personal property distinguished, SDCL
		43-1-3.
Homestead limited to house or mobile home and appurtenant buildings
		-- Business place -- Minimum size of mobile home, SDCL
		43-31-2.
Homestead containing one or more lots or tracts of land -- Contiguous
		tracts -- Use in good faith, SDCL
		43-31-3.
Limited area of homestead -- Mineral lands, SDCL
		43-31-4.