The “Affordable Homes Act” signed into law on August 6, 2024 contained a provision which doubled the declared homestead exemptions under MGL c. 188. Effective as of the August 6 date, the amount of the declared exemption increased from $500,000 to $1,000,000. Elderly and disabled persons can still “stack” the exemption, and are able to protect up to $2,000,000 in equity in their principal residence from creditors.
The amount of the so-called “automatic” homestead exemption remains at $125,000.