real estate in an irrevocable MEDICAID trust
About twelve years ago a married couple setup an irrevocable MEDICAID trust in New York with one son as trustee. The only asset in the trust is a house. The couple have since divorced. The divorce settlement allows one spouse to live in the house until death. When that spouse dies what rights from the trust relative to the house does the surviving spouse have? Can the survivor sell the house? Rent it? Who is responsible for paying the taxes and insurance on the house?
1 Answer from Attorneys
Re: real estate in an irrevocable MEDICAID trust
Boy that's a tough question. I don't see how the divorce agreement was hammered out without considering the fact that the trust owned the house. I'm not a matrimonial lawyer, but I have seen these agreements before, and usually the questions you've asked are answered very clearly in the divorce settlement agreement.
I really think the answer to your questions can only be answered after reading through the divorce agreement and the trust agreement, and then thinking about how those two documents relate to New York law.
Rick Bryan
New York, NY
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