FAA4.D Other Assets (OTAS) : 03 Other Asset Types : E Life Estates
Life Estates
Life estates are estates in which a participant, called the life tenant, holds an interest in property during their own or someone else's lifetime. Consider life estates on an individual basis to determine whether the resource is countable.
 
Examine the documents establishing the life estate for availability to the participant. When not available, the resource is not countable.
 
Key life estates on OTAS using the LE Other Assets Code.
 
EXCEPTION
When life estates are available, determine the current market value CMV(g) of interest in all of the following:
●The estate
●Available mineral rights
●Available grazing
●Oil
●Other possible resources that are a part of the estate
Count the value of any of these items as a resource. Key the resources according to each resource's type on the applicable screens.