N.M. Admin. Code § 8.281.510.15
Current through Register Vol. 35, No. 24, December 23, 2024
Section 8.281.510.15 - EXCLUDED ASSETS PLACED IN A TRUSTPlacement of excluded assets in a trust, with the exception of a home, shall not result in a penalty of ineligibility because the transferred asset is not an asset for transfer purposes. However, a home, whether excluded or not, when transferred into a trust shall be considered a resource unless:
A. the trust is for the sole benefit for the applicant/recipient's spouse; orB. was transferred to a trust that is in compliance with Subsections B or D of 8.281.510.11 NMAC that is established for the sole benefit of the applicant/recipient's disabled child, orC. was transferred to a trust that is in compliance with Subsection B or D of 8.281.510.11 NMAC that is established solely for the benefit of an individual who is under 65 years of age and who is disabled.N.M. Admin. Code § 8.281.510.15
8.281.510.15 NMAC - N, 10-1-12