Massachusetts Increases State Estate Tax Exemption
As part of the tax relief package passed in Massachusetts on October 4, 2023, the Massachusetts estate tax exemption has been increased to $2 million retroactive to January 1, 2023. While the firm will directly contact all clients that are now entitled to an estate tax refund, all clients living in Massachusetts or owning real estate in Massachusetts who have engaged in estate tax planning are encouraged to schedule a call or meeting to review their estate plans.
From the Boston Globe: “The law raises the threshold at which an estate is hit by the state’s tax from $1 million — currently the lowest in the country — to $2 million. The state will also now offer a uniform tax credit of nearly $100,000, effectively eliminating what officials called a “cliff effect,” wherein an entire estate gets taxed what it hits the threshold, not just the amount over it.”
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