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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 Quiz for Married Couples

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 is TRUE about revocable trusts established by married couples?
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spacer (<1K) spacer (<1K) A. If their home is deeded to the trust, they will maintain their existing protection from creditors under Massachusetts homestead laws.
spacer (<1K) spacer (<1K) B. They can double the amount they leave as a tax-free inheritance under federal and Massachusetts estate tax laws.
spacer (<1K) spacer (<1K) C. Under Massachusetts law, all of the married couple's bank accounts are automatically one-half in each trust once the trusts have been signed and notarized.
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4. True or False: If a revocable living trust has assets in it when the first spouse dies, all of those assets are later protected and exempt if the surviving spouse enters a nursing home and applies for MassHealth (which is Massachusetts Medicaid law).
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spacer (<1K) spacer (<1K) A. True
spacer (<1K) spacer (<1K) B. False
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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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