Amendment ID: S3018-10

Amendment 10

Consistent Treatment of Life Estates

Ms. Rausch, Ms. Edwards, Messrs. Moore and Gomez and Ms. Moran move that the proposed new text be amended by inserting, after section 110, the following new sections:-

"SECTION 110A. Section 28 of chapter 118E of the General Laws is hereby amended by inserting at the end thereof the following sentence:- 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 laws and regulations governing the valuation of annuities, interests for life or term of years, and remainder or reversionary interests.

 SECTION 110B. Section 31 of said chapter 118E is hereby amended in subsection (d) by inserting after the word “sold.” the following sentence:- 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 laws and regulations governing the valuation of annuities, interests for life or term of years, and remainder or reversionary interests."