Legal Question in Real Estate Law in Massachusetts
I have a 2 family in a life estate trust. I understand the homestead act in Massachusetts has a 500,000 limit. Since it is a 2 family would it be a limit of $250,000 for protection or is the protection still $500,000
2 Answers from Attorneys
The homestead protection applies only to your primary residence. You do not get additional protection because your primary residence includes a rental unit. If the property is divided into two separate condos, both of which are owned by you, you would only be eligible for homestead protection on the unit that is your primary residence.
Please feel free to contact our office if you would like to discuss filing a homestead declaration or discussing other asset protection or estate planning strategies.
The homestead will apply only to that portion of the two family you use as your primary residence. So if you live in one unit, the $500,000 will apply to that unit.
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