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Limiting Liability and Asset Protection

Declaration of Homestead

A Declaration of Homestead is a document recorded at the Registry of Deeds.  It protects your principal residence from most creditor claims during your lifetime. The current protection for all homestead declarations (including regular, elderly and disabled) is $500,000.  The protection can double if there is more than one owner and at least one owner is elderly (over 62).

Other Forms of Asset Protection

Ownership of investment properties, interests in business entities, and other estate planning concerns (like divorce, bankruptcy, and the like) could dictate the advisability and implementation of other protective strategies and should be discussed with an attorney on an individual basis.

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