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Test your knowledge: Trusts

by Attorney Brian E. Barreira
1. Which of the following is TRUE about the transfer of a married couple's home in Massachusetts to a revocable trust:
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spacer (<1K) spacer (<1K) A. They lose the special creditor protection that they could have if they instead owned the home as tenants by the entirety.
spacer (<1K) spacer (<1K) B. If one spouse needs nursing home care and the at-home spouse applies for Medicaid to help pay the nursing home bills, the home loses its special exempt status and is treated the same as all of the couple's other assets.
spacer (<1K) spacer (<1K) C. Neither spouse can validly file a Declaration of Homestead to protect the family unit against future lawsuits.
spacer (<1K) spacer (<1K) D. All of the above.
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2. True or False: A trust established in the will of the first spouse to die for the benefit of the surviving spouse receives favorable treatment under Massachusetts Medicaid law.
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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3. Which of the following statements about irrevocable trusts is FALSE?:
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spacer (<1K) spacer (<1K) A. The right to receive income can be kept by the person who established the trust.
spacer (<1K) spacer (<1K) B. If the home is transferred into an irrevocable trust, it is possible that the $250,000 capital gains exclusion upon a future sale of the home will not be lost by the person who established the trust.
spacer (<1K) spacer (<1K) C. Any transfer or gift of assets to an irrevocable trust causes a 5-year disqualification period under Massachusetts Medicaid law.
spacer (<1K) spacer (<1K) D. The right to change inheritance provisions can be kept by the person who established the trust.
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4. True or False: A special needs trust for the benefit of a disabled person must always contain a provision that results in Medicaid reimbursement to the state after the disabled person's death.
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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5. True or False: The proceeds of the sale of a home owned by an irrevocable trust can be used to buy a smaller home and to provide income to pay for some of the expenses of the new home.
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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Copyright 2001-2006, Attorney Brian E. Barreira - 508-747-8282 - serving Plymouth, Hingham and surrounding counties. Site by RW Mullaney Consulting.

Site provided by a Certified Elder Law Attorney (1K) This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice regarding their individual legal issues.
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