Are you planning to retire in Massachusetts in the next few years? It’s a good reason to set aside some time for a chat with an MA estate planning lawyer to discuss how your estate and retirement plan align.
Unfortunately, Massachusetts has earned somewhat of a reputation for being an unappealing state of residency for the purposes of estate tax planning. This is because it has an estate tax filing threshold of $1 million per person.
If a person’s adjusted taxable estate exceeds this amount, which can include adjusted taxable gifts, retirement accounts, life insurance and real estate values, an estate tax return in Massachusetts must be filed. The tax rate associated with this estate can range from 0.8% all the way up to 16%.
A decedent who is a non-resident of Massachusetts is also subject to the same filing threshold based on the value of any tangible personal property and real estate transferred in or owned in Massachusetts.
If you have questions about how to structure your estate planning within Massachusetts or other issues to consider, set up a time to talk with a trusted estate planning lawyer in Massachusetts today.
