As you may know, estates in Massachusetts may be subject to an estate tax. The tax rate varies, starting at 0.8% and topping out at 16% for estates worth more than $1 million—even if the value is just a dollar or so over $1 million. In contrast, the federal government only taxes the amount overRead more
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By Michael Baker | Asset Protection, Estate Gifting, Estate Planning, Trusts | Comments are Closed | 3 March, 2020 | 0
Use your Estate to gift money, property or personal loans When your estate tax liability is too high for your personal preferences or needs, you may want to consider gifting your assets. With some strategic planning and advice from an estate planning lawyer, gifting assets to others may reduce your tax liability and keep youRead more