Many things can impact what kinds of state estate tax issues could come up in relation to a person’s estate here in Massachusetts.One is what kind of property the estate contains. Massachusetts has a value threshold for when the estate tax will apply to an...
Helping People Age With Dignity And Peace Of Mind
Estate Tax Planning
Incorporating holiday financial gifts into one’s gifting plan
This time of year, many people are thinking about what kinds of gifts they are going to give their family and friends for the holidays. Some individuals end up deciding to give their loved ones financial gifts.Such holiday giving could take the form of a simple cash...
Income taxes becoming a bigger area of focus in estate planning
Some might think that estate taxes are the only tax issue where estate planning and taxes really intersect. However, there are other types of tax issues estate planning can be directed towards. This includes income tax issues, like issues regarding the capital gains...
Preserving family wealth over the generations
When a person has built up a lot of wealth, one of their hopes may be that this wealth will remain in their family for a long time after their death. However, there are many challenges that can arise when it comes to actually keeping wealth in the family.This can be...
Gifting history can have state estate tax implications
When it comes to the Massachusetts estate tax, a very critical number is $1 million. This is the state's exclusion amount. Whether or not a deceased's estate will be subject to the state estate tax depends on whether this threshold is crossed.What things are...
Promotions and estate planning
One of the more exciting bits of news a person can get at work is that they got a promotion. This can be a big thing for a person, financially and professionally. It is important though for individuals to not let the excitement of getting promoted cause them to miss...
Tax implications can be important to factor in in estate planning
Sadly, there are ways in which the after-death distribution of a deceased person's estate could end up not matching the deceased's goals for the distribution.One way is if a person failed to have an estate plan. Without an estate plan, it is state law (specifically...
The Massachusetts estate tax and small business owners
Here in Massachusetts, there is a state estate tax for estates that exceed $1 million in value. There are many different kinds of people that could potentially end up with an estate that could cross this threshold. And it is not limited to just the people society...
Report: Massachusetts a bad place financially for rich retirees
Elderly individuals sometimes face financial challenges in their retirement years. Such challenges can sometimes endanger a retiree's ability to have the type of retirement they desire. They could also have the potential to reduce what assets a retiree has available...
Estate tax planning after a spouse’s death
The death of a spouse can be a devastating emotional experience for a person. In this often very challenging time, the last thing a person may want to think about is taxes. However, one tax-related thing it can be important for a person to check fairly promptly after...