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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 114804
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I bough a condo in Massachusetts in 2003 and moved it to a

Customer Question

I bough a condo in Massachusetts in 2003 and moved it to a family trust, can I still serve on the board of trustees?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Is this an irrevocable family trust?

Customer: replied 1 year ago.
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your reply.

If the grantor of property to the trust is also a beneficiary of the trust, while it is allowed in MA, the problem created is that if you are a beneficiary and a grantor of the trust, that can cause you to lose credit protection status of the irrevocable trust. This is because the true irrevocable trust is one that is controlled by a trustee who is not a beneficiary of the trust. The issue is that for a trust to be clearly irrevocable and receive full protection from personal creditors of the beneficiary, including medicaid, the grantor/grantors of the trust cannot have control over that property and when they do have control over property of the irrevocable trust it can be pierced for purposes of creditor actions.

So, this is why attorneys tell people if they are beneficiary of an irevocable trust they should not be a trustee or exercise any control over the assets in the trust.

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