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Protecting Your Assets
220 Broadway (Rte. 1 South), Suite 404
Lynnfield, MA 01940
info@protectingyourassets.com
(978) 210-9666

Homesteads

A Homestead declaration is an effective technique for protecting one's personal residence from creditors. On December 16, 2010, Massachusetts Governor Duval Patrick signed Chapter 395 of the 2010 Acts into law, replacing Chapter 188 - Homestead law in Massachusetts. This new legislation went into effect on March 16, 2011, giving homeowners greater protection than ever before.

The complete text of the law can be found here

An individual may protect up to $500,000 of equity in his or her home, provided that the homeowner has filed the proper paperwork at the appropriate Registry of Deeds.

An individual receives automatic protection of $125,000.00 of the equity in his home without the need to file a declaration at the Registry of Deeds.

The Homestead Act now covers homes owned by a trust and multi-family (2-4 unit) homes.

Refinancing will not terminate prior homestead filings.

Call us today so that we may prepare and record this important document for you.

 

 

 

 

 

 

Resources

Professional Associations

  • Massachusetts Bar Association
  • Boston Bar Association
  • North Shore Chamber of Commerce
  • Marblehead Chamber of Commerce
  • Business Network International
  • Essex County Estate Planning Council

Government

  • Massachusetts Registry of Deeds
  • Massachusetts Department of Revenue
  • Health and Human Services (Mass)
  • Secretary of the Commonwealth of Massachusetts
  • Massachusetts General Laws
  • The Massachusetts Court System
  • U.S. House of Representatives
  • U.S. Senate
  • White House

Financial

  • Cost of Long Term Care
  • Net Worth Calculator
  • About Roth IRAs

News

  • Excessive Probate Fees: Keeping Organized
  • Wills Series Part XII: Reciprocal Wills
  • Prenuptial Agreements
  • Wills Part XI: Pour-over Wills
  • Trusts Series Part VI: Spendthrifts

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