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Homestead Declaration The Massachusetts State Legislature has amended the homestead laws thereby increasing its protection to homeowners. The homestead exemption is now available to single as well as married homeowners, with or without children, so long as the home is the principal residence of the owner. Declaring a homestead now provides homeowners with protection under the Homestead Act of up to $500,000.00 of the equity in the home from future creditors' attachments, levy on execution and sale. Not exempt are prior existing debts and debts owed for state, federal, or real estate taxes, or court orders for support of a spouse or minor children. In addition, iIf the owner of the principal residence is at least sixty-two (62) years of age, or is permanently and totally disabled (regardless of age), the homestead exemption is $500,000.00 for each qualified individual owner. Each owner must file individually to declare the homestead exemption, but this would allow for a total exemption of $600,000 for qualifying homeowners. To claim a homestead exemption for a permanently physically or mentally disabled homeowner, the homestead form must be accompanied by a letter signed by a Massachusetts licensed physician certifying that the person meets the disability requirements. In order to file a homestead declaration, the Homestead Form can be recorded or registered in the Registry of Deeds for the County wherein the property lies. If you are purchasing your primary residence, ask your attorney to draft the homestead declaration and have it recorded along with your deed. However, as long as the property is your princiapl residence, a homestead declaration can always be recorded if you already own the property. Forms are available from the Registry of Deeds or can be prepared by your attorney. Law Offices of Michael Kaplan Michael Kaplan 8 Clarendon Street Boston MA 02116 Tel: (617) 266-7271 Fax: (617) 536-3790 Email: michael@michaelkaplanlaw.com Web: michaelkaplanlaw.com |