Was James Gandolfini’s Will a Mistake?
Harry S. Margolis
Was James Gandolfini’s will which will likely cause a $30 million estate tax a mistake?
Contact Us: 781-705-6400
Contact Us: 781-705-6400
Was James Gandolfini’s will which will likely cause a $30 million estate tax a mistake?
In Massachusetts, the taxable gifts are added back into estates to determine whether an estate tax return must be filed even if the estate is below $2 million and no tax is due.
Here’s a chart showing the tax payments due for various sized estates under the new Massachusetts estate tax.
Under the new Massachusetts estate tax law, out-of-state real estate is included in determining whether the estate exceeds the $2 million threshold, but the tax owed is reduced in proportion to the value of the out-of-state property.
The new Massachusetts $2 million estate tax may or may not include lifetime taxable gifts within the threshold.
Massachusetts increases its estate tax threshold from $1 million to $2 million
Proposals from Gov. Healey, the House of Representatives, and one state senator to increase the threshold for Massachusetts estate taxation differ widely in their effect on larger estates and state revenue.
Many on-line resources provide guidance on the best places to retire, but try out your pick before making your move.
The 2023 COLA adjustments to Social Security and estate and gift tax thresholds will be the biggest in half a century.
While it can make sense for a will to direct that all estate property be sold and the proceeds distributed, it can also result in higher capital gains taxes for the beneficiaries.