Estate Tax Planning in Massachusetts – 2018 and Beyond

Innovation Jam_IdeasDale Kaiser and Rachel Ziegler of the Kaiser Law Group are speaking this month at the 2018 New England Institute on Taxation of the Massachusetts Association of Accountants.  The topic of our talk is “Estate Tax Planning in Massachusetts – 2018 and Beyond” and focuses on estate planning and estate tax planning strategies in Massachusetts following the passage of the federal Tax Cuts and Jobs Act.

The Tax Cuts and Jobs Act made significant changes to the federal estate tax law.  It increased the federal estate tax exemption to $11.18 million for individuals or $22.36 million for married couples.  The result of this change is that very few individuals and couples need to plan for federal estate taxes.

Yet, the Massachusetts estate tax exemption remains $1 million.  This means many of us will pay Massachusetts estate taxes.  It continues to be important – even essential – to do proper estate planning, with estate tax planning, in Massachusetts.

Our talk focuses on four (4) strategies to minimize estate taxes that remain important in Massachusetts.  These strategies include the following:

  1. Revocable trusts with Massachusetts estate tax planning provisions for married couples.
  2. Lifetime gifting, including annual exclusion and taxable gifts.
  3. Strategic planning with portability.
  4. Planning for out of state real estate after the 2016 case, Commissioner of Revenue v. Dassori.

We highlight many interesting examples of these strategies from our practice.

If you want to learn more, please contact us.

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