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Heidi A. Seely and Matthew J. Leonard Published in Wealth Management

The article, “Massachusetts Estate and Gift Taxes Explained,” by Heidi A. Seely and Matthew J. Leonard published in Wealth Management.

With the 2017 Tax Cuts and Jobs Act passed and effective as of January 1, 2018, the amount each individual can transfer during life or at death without incurring any Federal estate or gift tax has increased to $11.4M per person for 2019. While gifts can ultimately reduce the Massachusetts estate tax paid by a decedent’s estate, the question of whether an individual can eliminate the need to file an estate tax return or pay Massachusetts estate tax by making lifetime gifts is a bit more complex. This article discusses the relationship between the MA estate tax and the Federal gift tax and how calculating the MA estate tax is a 2-step process.

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