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A nice day today, eh?
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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CategoriesArchives
January 2021
AuthorI'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. |
Massachusetts Wills & Trusts
33 Bedford Street, Suite 13, Lexington, MA 02420
(781) 863-8606 | joel@jbernsteinlaw.com
Wills ∙ Trusts ∙ Power of Attorney ∙ Health Care Proxies
33 Bedford Street, Suite 13, Lexington, MA 02420
(781) 863-8606 | joel@jbernsteinlaw.com
Wills ∙ Trusts ∙ Power of Attorney ∙ Health Care Proxies
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Most middle-aged people aren’t ready for their inevitable death. We make estate planning simple, affordable, and quick. So people can live in peace, knowing their affairs are in order. |