Boston, MA Revocable Living Trusts |
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The format of the living trust for Boston, MA residents is not unlike that of the surrounding towns with one difference. In Boston, homeowners are given a real estate tax break when they both own AND occupy the residence. This tax break is given by Boston, and some adjacent towns such as Somerville, Cambridge, Watertown MA and a few others.
Where this MA real estate tax break is given, we generally use a different method of transferring the real estate to the trust than in towns that don't give this tax break. We avoid using a double trust design in Boston and surrounding Massachusetts towns when we do estate planning using a revocable living MA trust. We record, in the registry of deeds, a certificate showing the relevant terms rather than using a MA nominee realty trust. It is a technical matter that we know how to achieve so that the residence owner continues to get their tax break in Boston MA. |
