GIS 13 MA/06: Life Estate Interest Valuation - 2012 Change to IRS Website Access
To: Local District Commissioners, Medicaid Directors
From: Judith Arnold, Director - Division of Health Reform and Health Insurance Exchange Integration
Subject: Life Estate Interest Valuation - 2012 Change to IRS Website Access
Effective Date:Immediately
Contact Person: Local District Support Unit - Upstate (518) 474-8887, New York City (212) 417-4500
The purpose of this General Information System (GIS) message is to alert local departments of social services (LDSS) of changes to the IRS website addresses that were provided in GIS 12 MA/001, "Required Tables/Method for Valuing Life Estate Interest." Due to a change in the IRS website design, these addresses no longer provide access to the appropriate information.
Effective immediately, the following IRS website addresses should be used when calculating the value of life estate interest:
- The interest rate that applies to the calculation for the month of transfer or sale of the life estate interest can be found at www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Section-7520- Interest-Rates.
- The actuarial table that corresponds to the applicable interest rate can be found at www.irs.gov/Retirement-Plans/Actuarial-Tables. Click on "Table S," then scroll down to the appropriate interest rate (noted at the top of each section).
In the event of future changes to the IRS website, the interest rates can be found by searching the website for "Section 7520 Interest Rates" and "Table S" can be found by searching "actuarial tables."
