Life Estate and Remainder Interest Table

469-000-208

The life estate chart may be used whenever it is necessary to determine the value of a client's life estate interest in real property. For example, in 469 NAC 2-009.07B8 if a client gives away a life estate in real property, this may be considered a deprivation of a resource if the client is in a medical facility. To determine the value of the resource the client disposed of, use this chart.

Find the client's age in the Age column and then go to the column called Life Estate. Take the percentage listed here and multiply it by the TOTAL value of the real property. This will give you the value of the client's life estate interest.

For example, if a client has a life estate in real property and the life estate is deeded to the client's relatives within 60 months of the client entering a nursing home, this may be considered a deprivation of a resource. If the total value of the property is $40,000 and the client is 72 years old, you would take $40,000 x .57261 and the client's life estate interest was worth $22,904.40.  The remainder amount to the relatives is $17,095.60 ($40,000 x .42739 in remainder column).

The life estate tables may also be used if the owners wish to sell the property and need to know how much of the net proceeds the client should receive or if the owners wish to purchase the life estate interest from the client.

(9/15/09)