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Basic Information on Trusts Tax-Driven Irrevocable Trusts Using Irrevocable Trusts to Preserve Governmental Benefits Irrevocable Trusts About Trusts.org Contact (1K)
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Test Your Legal Knowledge on Irrevocable Trusts

by Attorney Brian E. Barreira
1. 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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2. 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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3. 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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4. Which of the following statements about irrevocable trusts is FALSE?
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spacer (<1K) spacer (<1K) A. Irrevocable trusts are primarily established to minimize or eliminate taxes or to protect the beneficiary's access to governmental benefits.
spacer (<1K) spacer (<1K) B. If probate avoidance is your only goal, an irrevocable trust is better than an revocable living trust.
spacer (<1K) spacer (<1K) C. An irrevocable trust can be changed through a Probate Court reformation process.
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5. True or False: Under Massachusetts law, a trust is irrevocable and unchangeable unless it specifically states that it is meant to be revocable.
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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6. True or False: In an irrevocable trust, someone can be given the power to change some of its provisions.
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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TOP  |  TRUSTS BASICS  |  TAX-DRIVEN IRREVOCABLE TRUSTS  |  TEST YOUR KNOWLEDGE
PRESERVING YOUR GOVERNMENT BENEFITS  |  ABOUT US  |  FEEDBACK
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Copyright 2001-2010, Attorney Brian E. Barreira - 508-747-8282 - serving Plymouth and surrounding counties. Site designed and hosted 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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