THE SAUGUS ADVOCATE – FRIDAY, OCTOBER 9, 2020 Page 17 RESERVED SPECIAL POWERS OF APPOINTMENT Often times, individuals decide to transfer assets in order to protect them against a possible nursing home stay. Due to the risk of losing assets, transfers often occur prior to when the transferor would prefer. An often-used technique used in drafting to create a bigger incentive for such transfers is the insertion of a provision in a deed or in an irrevocable Trust reserving a limited or special power of appointment (SPOA). A SPOA is a power which enables someone at a later date to change the original disposition of the real estate if a deed is the relevant document or the Trust principal if an irrevocable Trust is the relevant document. The SPOA is reserved by the individual transferring an interest in real estate or transferring any type of property to an irrevocable Trust. In 2017, the Massachusetts Appeals Court in the case of Skye v. Hession held that a deed containing such a reserved SPOA was a valid transfer. The remainder person (the person receiving the Trust principal upon the death of the lifetime beneficiary or the person who the real estate was deeded to) has a vested remainder interest subject to divestment. If the SPOA is never exercised, the remainder person will end up taking title as originally planned. The pure definition of a SPOA is that it cannot be exercised in favor of the person creating the power, his creditors, his estate, or the creditors of his estate. This is important for MassHealth purposes in order to not have the underlying asset(s) countable for eligibility purposes. The MassHealth applicant’s spouse should also be excluded as a person who might benefit from the exercise of the SPOA. As long as the property in question is vested in persons other than the applicant or spouse, and as long as neither of them have any power to revest the property in themselves, the property should be deemed transferred for purposes of beginning the five year look back period. If nursing home level care is not needed within five years from the date of transfer, the property should be protected. Furthermore, any subsequent exercise of the SPOA itself afFOR SALE • French Provencial Finish WURLITZER PIANO Excellent Condition • GRANDFATHER CLOCK Call 781-366-6306 * Crack Repairing * Pot Hole Filling * Striping Handicapped Spaces * Free Estimates Tom’s Seal Coating Call Gary: 978-210-4012 ter the five- year period has elapsed should in no way create any additional period of MassHealth ineligibility. ~Handyman Services~ •Plumbing •Electric •Ceiling Fans •Waterheaters + More Call Tom 781-324-2770 Frank’s House Painting 781-289-0698 “PROPER PREP MAKES ALL THE DIFFERENCE” - F. FERRERA • Exterior FREE ESTIMATES --- FULLY INSURED • Interior • Ceiling Dr. EVERETT MALDEN REVERE SAUGUS • Paper Removal • Power Wash • Carpentry A BUYER2 Rodriguez, Angel M Ritsch, Martin Barrientos, Kevin R Balestrieri, Cristian Guzman, Elexis M Carr-Cermark, Carla Scaduto, Jason Gouarian, Lilia Bakas, Maria Garay-Torres, Leidy A Carpio-DeBarrientos, S E Balestrieri, Kaleigh Maniscalco, Matthew C Odell, James R Myftarlli, Ardit SELLER1 Lewis, Robert R SELLER2 Lewis, Stacy A ADDRESS 17 Castle St 17 Victor St 39 Stone St Goodyear, Michael Witham, Catherine G Geary, Barbara NH Home Buyers LLC Fleming Alma M Est Flemiong, John M 57 Hammersmith Dr 87 Cleveland Ave 69 Sweetwater St 229 Central St 7 Montgomery St 11 Hilltop Ave CITY Saugus Saugus Saugus Saugus Saugus Saugus Saugus Saugus Saugus Eisenberg, James C Gonzalez, Cristian C Fish, Gustaff V Eisenberg, Tara E Mackay, Elizabeth J Fish, Patricia R dvocAte Newspapers Published weekly by The Advocate Newspapers, Inc. • MAIN OFFICE • 573 Broadway, Everett, MA 02149 Mailing Address: PO Box 490407, Everett, MA 02149 Telephone: (617) 387-2200 / (781) 286-8500 (781) 233-4446 / FAX: (617) 381-0800 Email us at: Jmitchell@advocatenews.net info@advocatenews.net James David Mitchell, Publisher James D. Mitchell, Editor The Advocate Newspapers, Inc. are free newspapers published every Friday. This newspaper assumes no financial responsibility for errors in advertisements printed herein, but will reprint without charge that part of an advertisement in which the error occurs. REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 DATE 18.09.2020 18.09.2020 17.09.2020 17.09.2020 17.09.2020 17.09.2020 16.09.2020 15.09.2020 14.09.2020 PRICE $665 000,00 $581 500,00 $450 000,00 $850 000,00 $535 000,00 $370 000,00 $330 000,00 $380 000,00 $5 000,00
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