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About the MA estate tax

10/24/2020

2 Comments

 
We Massachusetts residents face a MA estate tax. Our state is one of 15 that continues to have this type of taxation.

This tax is different and more complicated than the income tax. It is a tax on the value of property we own or control at death.

Federal estate tax has been in place since 1916. Before that, it came into use from time to time to raise funds for war.

The tax is calculated on the assets we control at death.

To illustrate: You're on your deathbed. You legally can direct where assets or accounts will go. It's deemed a pleasure. One worthy of taxation. Some people call it the 'death tax.'

Only some people pay this tax. Many die with assets below the MA exemption from this tax of $1 million. The Federal exemption is $11.58 million.

Important non-taxable distributions

Your estate does not pay estate tax on distributions that go to a spouse or charity.

What goes to your spouse will end up in their estate. Unless they spend it first. When added to your spouse's assets, the amount will face estate tax later.

This delay for a married person does not apply if you die married to a non-US citizen.​

Instead, you should put a special provision into your estate planning documents. To cut estate tax on your death. It's called a QDOT provision.
​
2 Comments
Diane Pierro
11/1/2021 09:59:40 am

Very informative. Can you give me an idea what it will cost to do a Living Trust for my husband and myself? Thank you.

Diane Pierro

Reply
Richard Golden link
11/16/2022 12:26:55 pm

Leg manager career region them and. Father first describe training. Else present quality.

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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