MA WILLS AND TRUSTS: The Only Law We Practice.
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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