Andersen & Lee, P.C.

Homesteads

THERE ARE 2 TYPES:

1. Regular Homestead (M.G.L. c. 188 s. 1) Available to everyone but protects only up to $500,000.00 equity per family. Only 1 person can file. If the property is jointly held by husband and wife, we recommend that the youngest person file the Homestead.
   
   
2. Elderly and Disabled Person's Homestead (M.G.L. c. 188 s. 1A) For persons 62 years of age or older and statutorily disabled persons. Protects up to $500,000.00 equity per person.

REQUIREMENTS:

1. Must be your principal residence.
2. Must file Homestead Declaration with Registry of Deeds if a home, with City/Town Clerk if mobile home.

WHAT IT PROTECTS:

Protects Homestead against attachment, levy on execution, and sale for debts accrued after filing of Homestead. May offer valuable protection should you file bankruptcy.

WHAT IT DOES NOT PROTECT AGAINST:

1. Taxes.
2. Debt contracted prior to Declaration of Homestead.
3. Mortgages on the home.
4. Probate Court execution to enforce a support order.
5. Other structures on the property not owned by the owner of the homestead.
6. Real Estate taxes and fees.
7. Medicaid Liens (due to nursing home bills).
8. Legal forms of debt collection, such as wage attachment or attachment of your motor vehicle.

OTHER PROVISIONS:

Under regular Homestead, Probate Court approval could be required on behalf of a spouse or minor children for a sale of the residence after the death of a spouse.

GIFTING YOUR HOME