This form may be used to establish an Irrevocable Reversionary Living Trust, with the United States as Grantor; to provide secondary payment for medical benefits to the beneficiary named in the form.
Massachusetts Irrevocable Reversionary Inter Vivos Medical Trust
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Multi-State
Control #:
US-AH5B
Format:
Word;
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How to fill out Irrevocable Reversionary Inter Vivos Medical Trust?
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FAQ
Within an irrevocable trust, the grantor usually lacks the authority to unilaterally remove a trustee. Instead, other stakeholders, like co-trustees or beneficiaries, hold this power. To facilitate a trustee's removal, these parties must submit a petition to the probate court.
Every executor, administrator, trustee, guardian, conservator, trustee in a noncorporate bankruptcy or receiver of a trust or estate that received in- come in excess of $100 that is taxable under MGL ch 62 at the entity level or to a beneficiary(ies) and that is subject to Massachusetts jurisdiction must file a Form 2.
While a revocable trust does not shield your properties in this state from the Massachusetts estate tax, an irrevocable trust does. Prepared properly, an irrevocable trust can provide you and your family with substantial estate tax savings.
Irrevocable Trusts in Massachusetts Grantors cannot dissolve or change an irrevocable trust after creating the trust. However, creators of irrevocable trusts still retain some control over their assets.
Trust agreements commonly have provisions that allow beneficiaries to remove or replace a trustee. Usually a majority vote of the beneficiaries is required. Often the trust agreement provides that a trustee may only be removed for cause.
If a trust is irrevocable, the trustee can still be changed or removed in ance with the terms of the trust or by order of the court. It is important to note, however, that when a trustee of an irrevocable trust is replaced, the trust itself will dictate who takes over as their successor.
Assuming all beneficiaries agree to the final accounting, to the plan of distribution, and to sign the Receipt, Release, & Refunding Agreement, the trust may be terminated without court authorization. Alternatively, it may be necessary to obtain a court order to approve the accountings and terminate the trust.
Under Massachusetts law, unless the trust document provides for removal, a trustee may only be removed by order of court on its own or by petition of a settlor, co-trustee or beneficiary. MA Uniform Trust Code (MUTC) G.L.c. 203E, §706.