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A little known estate tax loophole in MA

10/23/2020

1 Comment

 
Massachusetts has a $1 million exemption from estate tax. 

Meaning… if you are single and die in MA and own more than $1 million, then you must file a tax return and pay estate tax. 

With real estate values high in eastern Massachusetts, many estates exceed that amount, resulting in high taxes.How can a Living Trust for married persons lower estate taxes?

By making large gifts before you die. 

This lowers the value of your estate. Then we file your estate tax return, based on the size of your estate—excluding the large gift. So long as the gift is less than Federal gift tax limit of $11.5 million.
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    I'm Joel Bernstein, an estate planning attorney with over 30 years of experience. I use plain English to help you understand wills, trusts, and the other documents you need to protect your loved ones and your estate.

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  • ABOUT
  • SERVICES
  • FAQ
  • Testimonials
  • BLOG
  • Resources
    • Irrevocable Trust right for me?
    • Post-Death Administration
      • After death steps
        • WHAT IS PROBATE AND HOW TO AVOID IT
        • After a Death Steps
        • Breaking a Will in Massachusetts
    • How to change your will or trust
    • Estate Planning Services
    • Our Plain English Approach
    • Durable Power of Attorney
    • Beneficiary with a problem
    • Update existing will or trust
    • Estate Planning Guide
    • Living Trusts
    • Wills Explained
    • About Attorney Joel Bernstein
      • 3 steps
  • COURSE