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Declaration of homestead or umbrella insurance policy

My husband and I are elderly and live in Massachusetts and he still runs his small business even though he could retire. I worry that someone could enter his store and get injured and sue us (slip and fall?). He says we don't have to worry because we have an umbrella policy that will protect us. Is that enough or should we also file a declaration of homestead? Thanks.

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Generally speaking, filing a declaration of homestead is a good idea.  An umbrella insurance policy offers a broader form of protection, because it helps protect all of your assets, but having a declaration of homestead in place can protect your home from creditor's claims up to $500,000.  Clearly, if it fits with your other estate planning and asset protection strategies, the declaration of homestead is worth looking into. 
If this issue is a concern for you, or if you feel you and your husband have assets that need protecting (of course you do), a Massachusetts lawyer with relevant experience can talk to you about creating an effective asset protection plan that uses a variety of tools, including insurance, a declaration of homestead, LLC, trusts, etc.  Good luck.

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