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My sons are listed as Trustees on my irrevocable trust and I

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own the property in Maine...
My sons are listed as Trustees on my irrevocable trust and I own the property in Maine. They want me to be listed as a Trustee too not a Lessee but I have been told this will cancel out protection from Medicare pay back when and if I go to a nursing home.
Submitted: 1 year ago.Category: Estate Law
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12/31/2015
Estate Lawyer: Richard, Attorney replied 1 year ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55,807
Experience: 29 years of experience practicing law, including tax and estate planning.
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Good morning. My name is ***** ***** I look forward to helping you.

You really don't want to be a trustee of the trust. Being trustee and having control of a trust, even if the trust is irrevocable, creates the risk that your trust would be considered a "grantor's trust." If so considered, you would then be considered to still own the property because of your control over the trust. There is really no benefit to taking this risk when being trustee does not really provide any benefit to you. You've already started the clock on the 5-year look back by transferring the property to the irrevocable trust. There's really no upside to you taking on this risk.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 1 year ago
Will my sons as Trustees each have to pay hazard insurance against loss of this property which I own (and risk their own homes and personal property ) as I have already paid my own property insurance on this property for years. There would be 3 separate property insurance policies for this one property? I have been told this.
Estate Lawyer: Richard, Attorney replied 1 year ago

Thanks for following up. I'm sorry for the delay in responding. Daily run! Thanks for your patience and I apologize for any inconvenience! No...not at all. The property is owned by the trust, not your sons. And, so, it's only the trust that needs to buy insurance on the property!

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Richard
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Category: Estate Law
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