About The Law – February 2011
February 1, 2011 by khoward
Filed under About The Law
Barry Gordon
Homestead: Cost-Effective Risk Reduction
Each of us takes a chance when starting a business, and we continue to take chances each day we are in business. That is an essential part of capitalism. Nevertheless, it is also an essential part of capitalism to risk only what has to be risked and no more. We understand this almost instinctively.
On the home-front, we tend to have less clarity. Thankfully, a new homestead law will go into effect shortly. This law will benefit everyone who owns a home in Massachusetts. In it, the definition of ‘home’ includes condominium units as well as multi-family homes up to four families. Properties in trust will be included.
As part of planning for a family, including the individual who owns a home in Massachusetts, it is essential to review the implications of this new law. Massachusetts has one of the best homestead laws in the country and anyone who does not take advantage of it is wasting an opportunity.
If you qualify, this is one of the most effective and least costly protections you can employ. You might be able to supplement other protections that you can put into place by spending a couple of hundred dollars.
When has a lawyer ever told you that good lawyering does not always mean spending lots of money? We at Gordon, Mond & Ott, P.C. look out for our clients. Call me, Barry Gordon, to discuss how this new law will affect you and what else we might do for you. Please tell your friends.
Click here to see the Gordon, Mond & Ott brochure.
Barry Gordon,
Attorney at Law
bgordon@gmo-law.com
This column constitutes legal advertising, and as such provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
