Section 17-1725.1-34 - Treatment of special forms of ownership of real or personal property(a) The individual's interest in property shall be determined by the type and form of ownership which may affect the value of the property in determining eligibility.(b) Property held in joint tenancy shall be determined by: (1) An appraisal of the current fair market value of the individual's interest in the property; or(2) Dividing the current fair market value of the property by the number of joint tenants; and(3) Upon the death of one of the joint tenants, the survivor or survivors become the sole owner or owners of the entire interest.(c) Property held in tenancy by the entirety shall be determined by: (1) An appraisal of the current fair market value of the individual's interest in the property; and(2) Dividing the current fair market value of the property equally between the husband and wife.(d) Property held by tenancy in common: (1) Shall be determined by an appraisal of the current fair market value based on the percentage of ownership of two or more individual owners;(2) Each owner may sell, transfer or dispose of his or her share of the property without the permission of the other owner or owners but cannot do so with respect to the entire property; and(3) There is no automatic survivorship rights to a deceased's ownership interest as it passes to his or her estate or heirs.(e) Property under an agreement of sale shall be allocated between the buyer and seller in accordance with their respective interests as follows: (1) The buyer's interest shall be the fair market value of the real property minus the balance due on the agreement of sale; and(2) The seller's interest shall be the balance on the agreement of sale.(f) Property subject to a life estate interest: (1) Is established by a will or deed which conveys property to a life estate owner or life tenant for life and to one or more remaindermen upon termination of life estate;(2) The current value of the property shall be allocated between the life tenant and the remainderman by determining the present worth of their respective interests using the Life Estate and Remainder Interest Table ( 26 C.F.R §20.2031-7 and 49 FR Vol. 49 No. 93/5-11-84), that corresponds to the age of the life tenant;(3) The life tenant: (A) Owns the physical property for the duration of the life estate;(B) Has the right to possess, use, and obtain profits from the property;(C) Can sell his or her life estate interest; but(D) Cannot take any action concerning the interest of the remainderman.(4) The remainderman: (A) Has ownership interest in the physical property;(B) Does not have the right to possess and use the property until termination of life estate; and(C) Unless restricted by will or deed, is able to sell his or her interest in the physical property before the life estate interest expires but the market value of the remainder interest may be reduced as the sale is subject to life estate interest.(g) The individual's interest in real property shall not be considered available as an asset if a co-owner would be affected by the sale of the individual's interest under the following: (1) The co-owner resides on the property;(2) The co-owner would have to move if the property was sold; and(3) The co-owner owns no other real property that could be used as the co-owner's home property.Haw. Code R. § 17-1725.1-34
[Eff 09/30/13] (Auth: HRS § 346-53; 20 C.F.R. §§416.1201, 416.1245, 416.1246; 42 C.F.R §§435.230, 435.601, 435.840, 435.845 ) (Imp: HRS § 346-53; 20 C.F.R. §§416.1201, 416.1245, 416.1246; 42 C.F.R §§435.230, 435.601, 435.840, 435.845 )