Did you just move to Massachusetts?
If you've just moved to Massachusetts, or did so in the last few years, you should know we do things in estate planning abit different.
Estate taxes in Massachusetts
While states in the past levied an estate tax on death, less than 1/2 of states now have such a tax. Massachusetts is one of the states that still has an estate tax.
MA estate tax law provides an exemption for estates that are under a $1 million in total assets at death. And also allows a deduction for assets that go to a spouse.
So, for many estates, MA estate taxes is not a problem either because the size of the estate is under the exemption amount or because the deceased left a spouse and left the bulk of assets to that spouse.
Keep in mind that the MA estate is comprised of many types of assets. Not only the assets in your sole name but ALSO retirement accounts, 1/2 of joint assets, life insurance you control at death, and many other types of assets are part of your taxable estate.
If you're married and have moved to Massachusetts
If you're married, and have over $1 million as a couple, Massachusetts estate planning likely should include a MA revocable living trust among the other estate planning documents.
This living trust can include provision to lower the total estate taxes that are paid on the death of the second spouse.