Page 18 THE MALDEN ADVOCATE–Friday, September 27, 2024 OBITUARY John Carmen Shea Relatives and friends are most kindly invited to attend Graveside services for John Carmen Shea on Friday September 27th 2024 at 2:45pm at Holy Cross Cemetery. 175 Broadway Malden MA. John passed away peacefully on Monday, September 23, 2024 with family at his home in Milton, NH. He was $$ I PAY CASH $$ for World War II military items. Top prices paid for helmets, swords, daggers, uniforms, etc. Call 617-719-1698 HOMESTEAD EXEMPTION INCREASE to declare a homestead even if they place their home in a Trust. There is a separate Declaration of Homestead form designed for Trusts. A Declaration of Homestead T his past August, our State Legislature passed Session Law 2024, Chapter 150, Section 51, An Act relative to the Affordable Homes Act. Contained within this legislation was an increase in the homestead exemption from $500,000 to $1,000,000 for all Massachusetts homeowners. The prices of homes have increased so much over the past several years, this type of legislation was certainly warranted. This increase in the exemption applies retroactively to any valid homestead that a homeowner has already declared and recorded at the appropriate registry of deeds. There is no need to declare and record another homestead to take advantage of the new $1,000,000 exemption. Under the current law, your principal residence that you own is automatically protected up to $125,000. It would have been nice if the legislature simply made the automatic homestead $1,000,000. The $125,000 exemption is simply too small with the prices of homes in Massachusetts. A primary residence also includes a manufactured home and a mobile home. Refi nancing your mortgage will not terminate your homestead exemption. Furthermore, since 2011, homeowners are able also protects the sales proceeds upon the sale of your home for up to one year after the date of sale, or on the date when a new home is purchased with the net sales proceeds, whichever occurs fi rst. If your home is destroyed by fi re, the insurance proceeds are protected for a period of two years after the date of the fi re or on the date when your home is reconstructed, or a new home is purchased, whichever is earlier. The homestead is designed to protect the equity in your home against creditors or lawsuits of any nature. Federal, state and local tax liens are not protected by the homestead. Neither are you protected in the event you default on a mortgage secured by your home, or against a lien by MassHealth’s estate recovery unit seeking reimbursement for Medicaid payments made on behalf of the homeowner. Child support and spousal support orders issued by a Probate Court are also not protected by the Declaration of Homestead. If a married couple are both age 62 or more, the elderly homestead protection then increases to $2,000,000. That represents excellent protection for the home. Every homeowner in Massachusetts has to declare a homestead and record it at the registry of deeds. The protection is invaluable. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. born and raised in Malden, MA and was a graduate of Malden High School. He went on to earn a BA at Cambridge College. Then he attended Boston University where he got his Masters and Doctoral Degrees. He started his career teaching classes at Endicott College and Boston University. John became a devoted math teacher at Nute High School in Milton, NH. He was an ~ Legal Notice ~ INVITATION FOR REQUEST FOR PROPOSALS NORTH SUBURBAN CONSORTIUM The Malden Redevelopment Authority d/b/a City of Malden Office of Strategic Planning and Community Development, as agent for and representative member of, the North Suburban Consortium (“NSC”) invites sealed price, and non-price proposals, in accordance with M.G.L. c.30B, §6, from Vendors for: ON-CALL LEGAL SERVICES – HOUSING DEVELOPMENT ON-CALL LEGAL SERVICES – ASSET MANAGEMENT ON-CALL LEGAL SERVICES – LOAN COLLECTIONS Proposals will be received until 11:00 A.M., November 4, 2024 at the Office of Strategic Planning and Community Development, 215 Pleasant Street, 3rd Floor, Malden, MA 02148. Proposals will not be accepted nor may submitted proposals be corrected, modified and withdrawn after the deadline for proposals. Contract Documents will be available by email request at OSPCDinfo@cityofmalden.org after 10:00 A.M., September 30, 2024. Following the deadlines for proposals, all proposals received within the time specified will be reviewed by the RFP Committee, and an award will be made to the most advantageous proposer for services. EQUAL HOUSING OPPORTUNITY September 27, October 4, 2024 avid fan of the Patriots. John started his football career with his nephew Anthony Nalen, Jr. at Everett Pop Warner. OBITS | SEE PAGE 19
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