On October 4, 2023, Massachusetts increased its $1,000,000 estate tax exemption to $2,000,000 per decedent. Interestingly, the new exemption amount applies to decedents who died on or after January 1, 2023, effectively making it retroactive. Estate tax returns are due, together with any payment, nine months after the date of death, which means the estate tax returns and payment would have been due October 1, 2023. Masschusetts did not, however, adopt portability. This makes planning for married couples even more important than ever. Separately, the new law requires that married couples must file joint income tax returns in Massachusetts if they filed as “married filing jointly” for their federal personal income tax returns. This is problematic for wealthy couples where the wealthier spouse has changed their domicile to an income tax-free state such as Florida or New Hampshire. Finally, did the new law really eliminate the so-called Cliff Effect in favor of a higher Massachusetts estate tax rate? This cutting-edge program examines the new law, filing requirements, issues, and planning opportunities.
Course Content
2:00 - 2:10 pmReview of the New Law and Its Retroactivity to Deaths Occurring on or after January 1, 2023
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
2:10 - 2:20 pm
Computation of the Massachusetts Estate Tax Whether The Law Really Eliminated the So-Called Cliff Effect
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
2:20 - 2:30 pm
How Gifting (Either Massachusetts or Non-Massachusetts Real Estate) affects the Massachusetts Estate Tax Computation and Filing Threshold
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
2:30 - 2:45 pm
How to Compute the Massachusetts Estate Tax on Massachusetts Real Estate for Non-Residents and How To Compute the Massachusetts Estate Tax, if any, on non-Massachusetts real estate for Massachusetts Residents
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
2:45 - 2:55 pm
Lack of Portability in Massachusetts and the Estate Tax Cost of Failing to Plan for Married Couples
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
3:25 - 3:30 pm
'Ask the Experts' Q&A Session and Key Takeaways
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
Please Note
This webcast is delivered completely online, underscoring their convenience and appeal.
There are no published print materials. All written materials are available electronically only.
They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.
Speakers
FacultyLeo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
