Скачать или смотреть Estate Planning Essentials Episode 3: Massachusetts Homestead Exemption Law

INFO ON THE MASSACHUSETTS HOMESTEAD EXEMPTION
John Bayog, owner of Bayog Law here. Today’s video covers a crucial topic, so I encourage you to watch it or read the information below.
This video discusses the Massachusetts Homestead Law. The Massachusetts Homestead Law automatically protects $125,000 of equity in your primary residence from most creditor claims. For example, if you have $100,000 in credit card debt, your creditor cannot force the sale of your home to satisfy that debt.
You can increase this protection to $500,000 by filing a Declaration of Homestead at your county’s Registry of Deeds. Married couples over the age of 62 can protect up to $1 million in equity.
Most real estate attorneys will file the Declaration of Homestead for their clients when they purchase a home. However, some attorneys may overlook this step or may not be aware of it. You can check whether you have a Homestead Declaration by visiting your county’s Registry of Deeds website. Here’s a link to find your registry: https://www.sec.state.ma.us/divisions...
If you don’t have a declaration filed, it’s straightforward to do it yourself. This Mass.gov website provides detailed information on the law and the necessary forms: https://www.mass.gov/info-details/mas...
The filing fee is only $35, and given the protections it offers, you should have it. While you can file it on your own, it's the kind of thing you don't want to risk making a mistake on, so you may want to consult an attorney to ensure it's done correctly.
Please note that this is for informational purposes only and does not constitute legal advice. There are many nuances to the law, but I wanted to share this information as a starting point. It’s easy to do, and it’s important!
Feel free to message me here, or call, text, or email anytime with any estate planning questions. You can also book a free estate planning consultation with me via my website: www.bayoglaw.com/calendar.
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