Placing your home into an irrevocable trust may cause you to lose any tax abatements you may currently receive. Additionally, if you have recorded a homestead on your primary residence and then subsequently transfer your home into an irrevocable trust, you may lose the protection afforded by the homestead. Also, if you currently have a mortgage on your property, it may technically become due upon transferring the property into an irrevocable trust. Finally, we recommend that you inform your insurance company that your trust is the owner of your home. Your insurance company should change the home owner’s policy to reflect that an irrevocable trust is the new owner.
As always please contact us if you have any questions regarding your irrevocable trust or future Masshealth issues.
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