Massachusetts Estate Tax
The Massachusetts estate tax exemption is $1 million. This means that if your estate is worth more than $1 million when you die, the money will be owed to the state before it’s disbursed to your heirs. The Massachusetts estate tax applies to the entire estate, not just the amount above the exemption. This means if your estate is worth $1.5 million, the tax applies to all $1.5 million, not just the $500,000 above the exemption.
Using this example, a decedent will owe in excess of $41,000 in estate taxes. However, this tax can be avoided by estate planning through the use of trusts or retitling assets. Estate planning must be done by an experienced estate planning attorney. There are many considerations in creating a plan for an individual person. Comparisons between estate tax liability and capital gains tax issues, as well as, income tax issues are considered amongst many other areas.
Estate Planning is Not a DIY Task
Estate planning is not a “DO-IT-YOURSELF” project. There are too many moving parts for a layperson to do an adequate job for themselves. They are not saving any money. In fact, they may be costing their heirs thousands of dollars. Consult an experienced estate planning attorney. Working with a professional can help reduce the time and stress involved with uncovering every outstanding bill when it comes to handling an estate tax. An expert can help find various discounts, and deductions that can help reduce the overall tax levied on the estate.
Contact Andrew Bucklin for Assistance With Estate Planning & Taxes
If you are faced with going through probate, turn to attorney Andrew Bucklin who will assist you without any fear or doubt that every detail will be thought of and taken care of. He has spent years guiding his clients through probate cases efficiently. If you or a loved one is facing probate of the estate then it’s important to work with someone who can explain the process thoroughly to you. For help navigating probate of estates, you can call attorney Bucklin at 781-632-8675 or contact him directly on his website.