SENATE DOCKET, NO. 378        FILED ON: 1/13/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 800

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Rebecca L. Rausch

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the fair treatment of life estates in MassHealth Eligibility.

_______________

PETITION OF:

 

Name:

District/Address:

Rebecca L. Rausch

Norfolk, Worcester and Middlesex


SENATE DOCKET, NO. 378        FILED ON: 1/13/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 800

By Ms. Rausch, a petition (accompanied by bill, Senate, No. 800) of Rebecca L. Rausch for legislation relative to the fair treatment of life estates in MassHealth Eligibility.  Health Care Financing.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

An Act relative to the fair treatment of life estates in MassHealth Eligibility.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.  Section 28 of chapter 118E of the general laws is hereby amended by adding at the end thereof the following:-

“In determining the eligibility of an individual who has disposed of a life estate or remainder interest in property, the Division shall determine the percentage interest of such life estate or remainder interest in accordance with federal internal revenue service regulations governing the valuation of annuities, interests for life or term of years, and remainder or reversionary interests”

 SECTION 2.  Section 31 of said chapter 118E is hereby amended in subsection (d) by inserting after the word “sold.” The following:-

“If the property against which the division has a lien or encumbrance is a life estate or remainder interest, the percentage interest against which the division may recover upon a sale shall be determined in accordance with federal internal revenue service regulations governing the valuation of annuities, interests for life or term of years, and remainder or reversionary interests”