Massachusetts estate tax

How Can I Avoid the Massachusetts Estate Tax?

Massachusetts imposes an estate tax on all estates with assets of more than $1 million. The Massachusetts Department of Revenue says that you have to file an estate tax return and pay estate tax if the gross estate exceeds $1 million, including adjusted taxable gifts.  If you want to get around paying estate tax to…

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Estate Planning for Single People

If you’re single, you might think that estate planning is only for married couples or people with children. But the truth is that estate planning is just as important for you as a single person. You might think that if you don’t do a will that your family or friends can just divide up your assets the…

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The Pros and Cons of a Life Estate Deed

A life estate deed in Massachusetts is a deed in which two or more people each have ownership of real property, but they have it for different periods of time. An example: Mary is 82 years old and lives in her home by herself. Mary signs the deed to her home over to her adult…

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How to Plan for Incapacity

Planning for your incapacity is an essential part of Massachusetts estate planning. Being “incapacitated” means that you no longer have the ability to understand and appreciate the consequences of your actions to make rational decisions. You can become incapacitated due to a mental health issue or a physical problem. Incapacity can be short term (e.g.,…

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