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Estate Tax Planning Attorney Serving the Greater Boston Area

Offices in Plymouth, Brockton, Holliston & Hingham, MA

Close up of a fountain pen on top of Estate Tax Return formProviding for the division of your estate upon death can be a difficult and stressful process. In addition to creating a will, you will want to appoint an administrator or executor of your estate, someone who will oversee the orderly distribution of your estate in accordance with your wishes.

One of the most important arrangements that must be made is the payment of both federal and Massachusetts estate taxes. Unfortunately, the federal estate tax laws are complex and can be extremely confusing to the lay person. You want an experienced and knowledgeable lawyer to protect your interests.

At the Baker Law Group, P.C. in Hingham, Massachusetts, our estate planning attorneys can effectively answer all your federal estate tax issues or questions and guide you through the process. For an appointment, contact us online or call our office toll-free at 1-800-701-0352.

Experienced Assistance with Federal Estate Tax Matters

The federal estate tax is a tax placed on your ability to transfer property following your death. Any tax due must be paid before assets can be transferred. The tax assessed will be calculated based upon the fair market value of all assets in your estate, subject to any exemptions or deductions permitted by law.

What Is Considered Part of My Gross Estate?

Assets that are considered part of your gross estate include:

  • Cash
  • Securities
  • Real estate
  • Annuities
  • Business interests
  • Insurance policies
  • Trusts
  • Other tangible assets

Deductions Granted for a Taxable Estate

When attempting to account for all of the assets and interests that make up your gross estate, certain deductions, and even reductions in value, can be taken under federal tax law. These deductions can reduce the total value of the subject to the federal tax. Permissible deductions may include:

  • Property that passes to a surviving spouse upon death of the decedent
  • Expenses for estate administration
  • Mortgages and other debts
  • Contributions to qualified charities

Before your federal estate tax can be calculated, you must add back the value of any taxable lifetime gifts. Under the law, if the combined assets of the estate and the prior taxable gifts fall below a designated threshold, a federal estate tax return does not need to be filed. That amount, known as the “exemption equivalency,” is:

  • $5,250,000 for those who died in 2013;
  • $5,340,000 for those who died in 2014;
  • $5,430,000 for those who died in 2015;
  • $5,450,000 for those who died in 2016;
  • $5,490,000 for those who died in 2017;
  • $11,180,000 for those who died in 2018;
  • $11,400,000 for those who died in 2019; and
  • $11,580,000 for those who died in 2020.

When you hire us to help you with a federal estate tax issue, we will carefully gather all information to determine both the gross value of the estate, as well as any prior taxable lifetime gifts. We will prepare and file the federal estate tax return for you, and will be your advocate with revenue authorities, should any dispute arise. We will carefully review the estate to determine the correct value of assets, as well as the applicable deductions and exemptions.

Contact Us

For guidance with complying with federal estate tax requirements, contact us to speak with an experienced federal estate tax lawyer.

Baker Law Group, P.C.

781.996.5656 Call
800-701-0352 Call Toll free
info@MBAKERLaw.com

We offer a complimentary initial consultation.

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72 Sharp St, Suite A5
Hingham, Massachusetts 02043
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Holliston, Massachusetts 01746
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Brockton, Massachusetts 02301
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Plymouth, Massachusetts 02360
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  • Home
  • Practice Areas
    • Estate Planning
      • Overview
      • Estate Planning Attorneys
      • High Net Worth Estates
      • Asset Protection
      • Durable Powers of Attorney
      • Homestead Declaration
      • Trust Types Explained
      • Retirement Accounts
      • Healthcare Proxy / Medical Directive
      • Living Wills
    • Elder Law
      • Overview
      • Asset Protection and Elder Law
      • Life Estate Deed
      • Masshealth / Medicaid
      • Long-Term Care / Nursing Home
      • VA Benefits
      • FAQS for Elder Law (MA)
      • Elder Law Attorneys
    • Trust, Will & Estate Administration
      • Overview
      • Estate Administration Wrongful Death
      • Federal Estate Tax
      • Probate Attorneys FAQ
    • Guardianship and Conservator
      • Guardianship Attorney
    • Premarital Agreements
    • Business Planning
      • Selecting a Business Structure
      • Business Asset Protection
      • Limited Liability Company (LLC)
    • Massachusetts Lottery Trusts
  • Baker Law Group
    • About Us
    • Attorney Profiles
  • Client Reviews
  • Blog
  • Media
  • Contact Us
  • 781-996-5656
Baker Law Group P.C. – Estate Planning