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In a case decided by the Massachusetts Supreme Judicial Court on February 16, 2012, it was held that a beneficiary of a trust cannot acquire a homestead under the 2004 Massachusetts Homestead Law; you need to be the trustee. We wrote about the new Massachusetts Homestead Law in our March 14 2011 blog. The SJC, in response to a certified question by the US Bankruptcy Court, decided the case.

This was a case in which a debtor, Ms. Boyle, filed for bankruptcy protection in the Massachusetts bankruptcy court after having filed a Declaration of Homestead. Under the new Homestead law, the Declaration of Homestead protects home equity up to $500,000. In fact, under a new law in Massachusetts, the Homestead even protects homes held in trust. However, this case was decided under the prior law.

In this case, Boyle v. Weiss, Boyle and his wife conveyed their home to real estate trust in 1990.

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Tags: File Homestead, Homestead

With tax season just around the corner, nows a good time for consumers to familiarize themselves on the various tax laws especially if theyre filing their own taxes. Recently, a tax advocacy group says more people qualify for a tax exemption on forgiven credit card debt and often dont even realize it.

The biggest reason consumers dont tax advantage of this opportunity is because they arent even aware that it exists. In fact, a spokesperson for the American Institute of Certified Public Accountants says too many consumers find the various tax laws and changes complicated and daunting, so they take a Tylenol in preparation of the headache thats sure to arrive and then take the path of least resistance when theyre doing their taxes.

The good news, however, is consumers can go as far back as 2008 and file an amendment.

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Tags: Tax, Tax Exemption

Reward programs are one of the most popular extras you can get with a credit card but all too often people forget to actually make redemptions.

Most of these cards offer points per dollar spent, either as general reward points or frequent flyers that will expire after a certain amount of time.

While it could be a year or more before the points balance is reset, regularly redeeming points for benefits is essential to really get the most out of a rewards card.

These points can be used for a wide range of rewards, so to help you avoid losing them to expiration dates, here is a look at three of the best options available with most cards.

Flights and Travel Rewards

Whether you have a frequent flyer card or a membership rewards option, flights and travel can be a lot cheaper thanks to the points in your account.

An airline-specific credit card, like Virgin’s Flyer series or the HSBC Qantas Platinum, will send point directly to the airline loyalty program, so you can check your redemption option there.

More general reward programs, on the other hand, can often be transferred over to airline loyalty points, or exchanged for gift vouchers and travel deals, making it cheaper to get away.

Shopping Rewards

Do you have things on your shopping wish list that never get bought?

Many reward programs have their own redemption lists, like American Express’s Platinum Edge, the Bankwest More card and the Commonwealth Bank Awards cards.

With things like electronics, homewares, chocolate and wine, these reward lists mean you can finally justify getting something you want but may not necessarily need. Tha

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Tags: Card, Credit Card

ELYRIA, Ohio- Burglars entered a home on the 100 block of Marseilles Avenue in Elyria, Ohio. The two suspects were armed and stole credit cards and cash from the family around 10 PM on Wednesday. At the time of the robbery, the father was upstairs sleeping when the suspects knocked on the door.

Two younger brothers were in the living room and opened the door. Two men barged in the door and asked the boys where their father was. The suspects then made the boys take them upstairs to awaken their father. At first he thought it was a joke, but after seeing the men with guns, he knew it was serious.

The suspects got away with $100 in cash and numerous pre-paid Visa and MasterCards.

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Tags: Cards, Credit Cards

With the holiday season nearing, many people will be planning trips overseas – however, working out the best and most cost effective way to spend while abroad can be confusing, and using the wrong type of card could significantly increase the cost of a holiday.

Independent financial research company Defaqto sets out the charges involved in using debit and credit cards overseas and highlights the cards that do not currently impose additional costs when used abroad.

Defaqto data indicates that the typical cost of using a credit or debit card abroad is as follows:   Average charge for a £100 purchase overseas * Credit card: £2.87 Debit card: £3.06

Average charge for a £100 cash withdrawal from an overseas ATM * Credit card: £5.60 Debit card: £3.96

* Excludes interest charges

David Black, Defaqtos Insight Analyst for Banking, said: “For most of us, when on holiday our tendency will be to spend a bit more and live life to the full.  However, it is important for people to think about how they will manage their money while abroad to avoid a nasty additional financial shock when they return home.  Cards can be an effective way to spend overseas, but each type of card has its costs and benefits which people need to consider.  In addition, within each card type there is significant variation so it really does pay for people to shop around to get the best option for their needs.”

Defaqto offers the following tips to help people manage their spending while abroad:

If paying for something abroad with a debit or credit card it is generally best to get billed in the local currency (rather than sterling) because the exchange rate that your card provider uses will almost always be favourable compared to the exchange rate used by the retailer

When spending a significant amount of money people may prefer to use a credit card due to the additional protection provided by the Consumer Credit Act 1974 – if someone spends £100 to £30,000 on goods or services that are faulty or not delivered the credit card company will be jointly liable with the seller

Use a credit or debit card that does not charge a foreign exchange fee on overseas transactions or a fee for cash withdrawals

As always, holidaymakers should make sure they are aware of all the costs and charges they will incur when using a card before they start using it abroad

Before going abroad people should tell their card provider where and when they are going as this will make it much less likely that their card will be blocked by the provider

Some may prefer to use a prepaid card – which only allows them to spend up to the amount they have put on the card – as a way of controlling their outgoings.  The Euro or Dollar denominated cards offered by FairFx and CaxtonFx have the lowest overseas usage charges

Credit cards

The following credit cards do not currently levy a foreign exchange fee on overseas purchases:

Halifax Clarity Credit Card

Metro Bank Credit Card

Nationwide Building Society Gold Card (no foreign exchange fee charged until 31st July 2011)

Post Office Credit Card

Saga Platinum Credit Card (only available to those aged 50+)

Sainsburys Gold Credit Card (it charges £5 per month but provides incentives which include free multi-trip family travel insurance)

Santander Zero Credit Card (only available to Santander current account customers)

The following credit cards do not currently charge a fee on cash withdrawals or a foreign exchange fee on overseas transactions:

Halifax Clarity Credit Card (typical 12.9% APR charged on cash advances from the date debited to the cardholders account)

Metro Bank Personal Credit Card (typical 13% APR charged on cash advances from the date of withdrawal)

Sainsburys Gold Credit Card (interest free credit on purchases and cash advances if the cardholder repays the entire balance on time every month. It charges £5

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Tags: Overseas