The increase in the estate tax exemption in Massachusetts carries significant implications for residents of the state, the state’s economy, and its fiscal policies. The estate tax exemption is the threshold at which an individual’s estate becomes subject to taxation upon their passing. What does this change mean to you? The increase in the estate… Read More »
Posts Categorized: Estate Tax
Asset Protection in Massachusetts Estate Planning: Safeguarding Your Legacy
When you think of estate planning, you probably think of drafting a will or specifying who will getyour assets after your passing, but estate planning goes deeper than that. It involves acomprehensive strategy to protect your wealth, ensuring your loved ones receive their rightfulinheritance while minimizing potential risks, such as taxation and creditor claims. In… Read More »
Massachusetts Estate Tax Exemptions: A Guide to Recent Changes
Estate Tax Essentials The Revised Massachusetts Estate Tax Exemption The estate tax exemption establishes a threshold to determine whether an estate is liable for taxation. Massachusetts has recently introduced adjustments to this exemption threshold, marking a significant change from previous years. For individuals who pass away in 2023, the exemption amount is $2 million. … Read More »
How Might The State Estate Tax In Massachusetts Impact You?
Planning ahead for the future of your estate is important as it relates to your own retirement as well as what you hope to leave behind to your loved ones. When a state also assigns a state-level estate tax to your situation, you might need to make adjustments or consider advanced strategies to accomplish your… Read More »
What Professionals Do I Need to Meet with In Creating My Estate Plan?
Tax and financial matters in planning your estate can become increasingly complex especially as you get older or accumulate more wealth. Certain professionals will offer the expertise, skills and support to help you create estate plans and it goes beyond having a relationship with an estate planning attorney. Some of the professionals that you’ll need… Read More »
Should We Be Worried About Estate Tax Changes Under A New Administration?
It is not unusual to have at least some tax law changes when a new administration takes over. We’ll focus here on potential estate tax changes that may happen under President-Elect Biden’s administration. Under the Tax Cuts and Jobs Act of 2017 (TCJA), the federal estate tax threshold is at $11.58M (for 2020) and $11.7M… Read More »
Obama’s Budget and Estate Taxes
You have probably read that President Obama submitted his final budget to Congress recently and that it was greeted by Republicans as ‘dead on arrival.’ We don’t want to get into a political discussion here but it should be noted that there are several proposals that have drawn wide bipartisan support and could resurface as… Read More »
Updating Your Estate Plan in Light of “The New Paradigm”
A few weeks ago, The National Law Review ran a great explanation of what they call “the new paradigm” in estate planning. For many years, avoiding the federal estate tax — or at least minimizing one’s burden under the estate tax — was paramount among the estate planner’s goals. These days, it’s not so important…. Read More »