Thought I would post a couple of important changes in the Massachusetts homestead law that go into effect on March 16, 2011 and may be important to those over 62 and those who use trusts in estate planning. Under Chapter 395 of the Acts of 2010, trustees can now take advantage of homestead protection on behalf of the trust by signing and recording a declaration of homestead. Also, if you and your spouse are over 62 years old, you can now both sign and file your own declaration of homestead. This is an important change that allows you and your spouse to protect an aggregate of $1,000,000 in equity. If one of you have already filed a declaration of homestead, the second filing will be effective as of the date of the first filing, eliminating the possibility of any gaps in protection. Please talk to your estate planning attorney about these changes.
Submitted by The Editor on Sun, 03/20/2011 - 07:41
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