As many of you may know, Massachusetts has recently increased its estate tax exemption from $1 million to $2 million per person. Note that spouses cannot share their exemptions, so if proper estate tax planning is not in place before the first spouse passes, it could be difficult to make use of the deceased spouse's exemption, limiting the family to only $2 million of exemption instead of a combined $4 million of exemption. This is just one reason that pre-planning is very important to save on Massachusetts estate taxes.
Follow Us x
