The United State Supreme Court’s recent decision in Connelly v. United States involved two brothers who were the only shareholders of a small business. The entered into an agreement to ensure that the company would stay in the family. Accordingly, their agreement provided that upon the death of the first of them, the survivor wouldContinue reading “Life insurance and estate planning for family businesses”
Medicaid ruling could cause married couples to rethink their long term care plan
HADLEY, MA — Today, the Massachusetts Supreme Judicial Court issued an opinion that may cause married couples to rethink their long term care planning and cause those who don’t have a plan at all to act. The opinion sorted a dispute between a deceased spouse’s estate and the government agency charged with overseeing Massachusetts MedicaidContinue reading “Medicaid ruling could cause married couples to rethink their long term care plan”
FTC bans noncompete agreements
FTC announces ban on noncompete agreements. Under the FTC’s new rule, existing noncompete agreements will no longer be enforceable. Nondisclosure agreements provide an alternative to protect trade secrets and proprietary information. Here is the official announcement from the FTC.
Protecting your assets from political uncertainty
Today, Old Colony Law attorney Ben Palkowski issued a memorandum discussing potential political-related considerations in estate planning, including The Super Tuesday Memorandum begins: It’s Super Tuesday, the unofficial kickoff to the most consequential Presidential election campaign of your lifetime. As we work together to protect Democracy, remember, also, to protect yourself and your family, yourContinue reading “Protecting your assets from political uncertainty”
Racial equity in home ownership and estate planning
Due to both historical abuses and present day lack of access to the legal system, Black Americans are significantly less likely than their white counterparts to have a will. Consequently, studies like this National Consumer Law Center report estimate that more than half the real property owned by Black Americans is owned as heirs property.Continue reading “Racial equity in home ownership and estate planning”
Announcing the opening of our North Shore office location
Old Colony Law is pleased to announce the opening of our new North Shore office location in Amesbury. Here is a link to our official announcement. Estate Planning Educational Forum An estimated 70% of people die without an estate plan. We believe that this lack of planning is largely attributable to confusion, misinformation and fear.Continue reading “Announcing the opening of our North Shore office location”
Old Colony Law attorney to co-panel Financial Fireside Chat
Old Colony Law attorney-CPA Ben Palkowski will take part in the Massachusetts LGBT Chamber of Commerce’s Financial Fireside Chat, an insightful evening designed to empower our community with crucial financial expertise. Join us on February 7, 2024, from 5:30 PM to 7:30 PM at Holyoke Media for an enlightening discussion featuring a panel of esteemed financial experts. Light refreshments willContinue reading “Old Colony Law attorney to co-panel Financial Fireside Chat”
OCL Attorneys to attend Northampton Chamber event
Northampton, MA – Old Colony Law attorneys Claire Crowley and Ben Palkowski will be in attendance at the Greater Northampton Chamber of Commerce this evening at the Northampton Brewery. If you are interested in meeting either Claire or Ben, please text 413-387-0080 before 4:00 p.m. Or simply find them there. More information on the eventContinue reading “OCL Attorneys to attend Northampton Chamber event”
Employers May Now Make Matching Contributions for Student Loan Payments
In an effort to assist employees who may not be able to save for retirement because they are overwhelmed with student loan debt, as of January 1, 2024, Section 110 of SECURE 2.0 permits an employer to make matching contributions under a 401(k) plan, 403(b) plan, or SIMPLE IRA with respect to “qualified student loanContinue reading “Employers May Now Make Matching Contributions for Student Loan Payments”
Challenge to Personal Representative Appointment Denied despite MUPC
The Massachusetts Supreme Judicial Court rejected a son’s challenge to his father’s personal representative appointment, holding that he didn’t have standing to launch such a challenge, despite apparently being an “interested person” under Massachusetts law. In this case, a decedent left a Will appointing his wife (who was not the mother of the decedent’s son)Continue reading “Challenge to Personal Representative Appointment Denied despite MUPC”
Route 9 Construction Update – Holiday Traffic Reports
We are pleased to report that traffic is expected to flow smoothly on Route 9 in Hadley as the Christmas weekend approaches. According to our sources, MassDOT will be shutting the project down after Friday, December 22, for a approximately four weeks. Route 9 Construction Traffic Impact In our experience the Route 9 traffic hasContinue reading “Route 9 Construction Update – Holiday Traffic Reports”
IRS Notice on SECURE 2.0 Act Changes
Today, the IRS issued Notice 2024-2, which is a notice that provides guidance in the form of questions and answers with respect to certain provisions of the SECURE 2.0 Act. Additional guidance on SECURE 2.0 is expected from the IRS in 2024.
Northampton Hot Chocolate Run
We are pleased to participate in this year’s Hot Chocolate Run in Northampton, Massachusetts and to support Safe Passage, and an organization that supports families who have had to endure domestic violence issues. Here’s a link to our race page if you’d like to sign up yourself or donate.
Keeping the family house in the family
How to handle the family home is often a top consideration when engaging in estate planning. The house often the most financially valuable asset in an estate to the IRS and the most emotionally valuable asset to families. Keeping the family home in the family by passing it onto one or more children upon deathContinue reading “Keeping the family house in the family”
2024 Federal Estate Tax Exemption
Today, the IRS announced inflation adjustments for various provisions of the Tax Code that will take effect for 2024. The IRS makes inflationary adjustments annually. Among the provisions impacted is the Federal Estate Tax Exemption. The 2023 Federal Estate Tax Exemption is $12,920,000. In 2024, the Federal Estate Tax Exemption will increase by $690,000 toContinue reading “2024 Federal Estate Tax Exemption”
DEI Statement
Today, we published our Diversity, Equity & Inclusion Statement. Comprehensive estate planning requires frank, sometimes difficult, conversations about health, finances, death and family dynamics. Meanwhile, studies and surveys routinely reveal that ~70% of people die without an estate plan. We believe that percentage is probably much higher for certain communities and that we ought toContinue reading “DEI Statement”
Massachusetts PAC Activity
Politico’s daily Massachusetts column discusses the uptick in PAC activity in Massachusetts municipal races this year: It’s not just Boston anymore. Super PACs are proliferating in municipal races across the state. . . . The support comes as PACs ramp up their spending in races from Boston to Springfield with Election Day around the corner.
Mayoral candidate accuses opponent of trying to ‘steal election’ by accusing him of paying for votes
From MassLive: SPRINGFIELD – Mayoral candidate Justin J. Hurst vehemently denied accusations his campaign paid people $10 to vote for him, calling the allegations a coordinated effort by his opponent to steal the election. The 10-year city councilor held a press conference Thursday morning to address claims that he and a campaign volunteer recruited peopleContinue reading “Mayoral candidate accuses opponent of trying to ‘steal election’ by accusing him of paying for votes”
401(k) and IRA 2024 Contribution Limits
Today, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Meanwhile, the limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over wasContinue reading “401(k) and IRA 2024 Contribution Limits”
Old Colony Law on Instagram
Old Colony Law is on Instagram. Please feel welcome to give us a follow to make an informal connection with us: @OldColonyLaw_
Old Colony Law’s statement on estate tax relief
Today, we issued a statement on the long-awaited tax relief legislation from lawmakers. Among other things, the legislation increases the Massachusetts estate tax threshold from $1 million to $2 million. Our statement, a clean version of which may be downloaded here, is as follows: “At long last, we are delighted to hear that our lawmakersContinue reading “Old Colony Law’s statement on estate tax relief”
Estate Tax News – Lawmakers unveil final tax relief legislation
Here is our compilation of the media coverage following lawmakers’ release of their tax relief plan. From Boston Globe: Hailing it as a historic win for taxpayers, Massachusetts lawmakers will begin voting Wednesday on a $1 billion tax package that would boost tax breaks for families, seniors, and others while slashing state taxes on profitsContinue reading “Estate Tax News – Lawmakers unveil final tax relief legislation”
Massachusetts estate tax relief legislation
Here is the final tax relief legislation, as agreed upon by lawmakers. It is expected to pass both the House and Senate later this week. This post is a part of Old Colony Law’s Estate Tax Updates.
Estate Tax News – Lawmakers reach a deal on tax relief
Massachusetts lawmakers announced that they struck a deal on a comprehensive tax relief package, the details of which are to be announced in legislation to be filed next week. Some of the news media coverage is summarized below. Old Colony law will continue to monitor developments and analyze the tax relief package for impact onContinue reading “Estate Tax News – Lawmakers reach a deal on tax relief”
Estate Tax News – Our View: Clock ticking for tax relief in Massachusetts
The Sun Chronicle weighs in with some commentary on the long overdue tax relief package. We could not have said it better ourselves! The clock is ticking. On Nov. 16, the Massachusetts Legislature is scheduled to end its session. Any bill not approved by then will have to start all over next year. That includesContinue reading “Estate Tax News – Our View: Clock ticking for tax relief in Massachusetts”
Estate Tax News – Landscape shifting again around stalled tax relief talks
The Hampshire Gazette provides an update on the internal legislative negotiations and the activities of the external forces attempting to influence those organizations: “BOSTON — Lawmakers have given no indication they are any closer to compromise on the tax relief they promised more than a year ago . . . House and Senate Democrats whoContinue reading “Estate Tax News – Landscape shifting again around stalled tax relief talks”
Estate Tax News – How Senators voted on tax relief
The Lowell Sun provides a fairly comprehensive breakdown of the various tax relief votes in the Massachusetts Senate. Here’s their commentary on the estate tax/death tax (Old Colony Law tends to use both of these terms, despite their respective perceived political undertones): Senate 5-33, rejected an amendment that would increase from $1 million to $5Continue reading “Estate Tax News – How Senators voted on tax relief”
Estate Tax News – Post Labor Day Tax Relief Update
As summer comes to a close, the President of the Massachusetts Senate appeared on a local news program with comments about pending tax relief legislation, among other things. While no specifics were revealed in her comments, the Senate President did reiterate that tax relief is at the top of her agenda and that she isContinue reading “Estate Tax News – Post Labor Day Tax Relief Update”
Voluntary personal representative seeking formal personal representative appointment in Massachusetts
The Massachusetts Supreme Judicial Court has ruled that the position ofvoluntary personal representative under G. L. c. 190B, § 3-1201, is an appointment, falling within the exception to the three-year time limit in §3-108 for “appointment proceedings relating to an estate in which there has been a prior appointment” and, therefore, the petitioner’s petition forContinue reading “Voluntary personal representative seeking formal personal representative appointment in Massachusetts”
Estate Tax News – The Legislature should stop dithering on tax relief
“Taxpayers have waited long enough” for tax reform, says the Boston Globe: A package that includes the best of the House’s efforts to address the state’s outlier status on the estate tax and short-term capital gains taxes, while adopting some of the Senate’s housing-related proposals — including an increase to the Housing Development Incentive ProgramContinue reading “Estate Tax News – The Legislature should stop dithering on tax relief”
Estate Tax Update – Updated with Massachusetts Senate Proposal
Here is an updated chart comparing the various estate tax relief proposals currently under consideration. The Senate approved its proposal just last week. This post is a part of Old Colony Law’s Estate Tax Updates.
Estate Tax News – Business leaders urge Senate to expand tax-relief plan
From The Eagle Tribune: BOSTON — The state’s business leaders are calling for more robust tax cuts in a relief package set to be taken up by the state Senate this week. On Thursday, the Senate is expected to debate a $590 million proposal with a buffet of permanent tax changes aimed at providing reliefContinue reading “Estate Tax News – Business leaders urge Senate to expand tax-relief plan”
Estate Tax News – More Reaction to the Massachusetts Senate’s proposal to cut the estate tax
Adding to an earlier post, here is more reaction from Massachusetts media outlets following the Senate’s announcement of it’s estate tax relief proposal. From The [Lowell] Sun: Compared to the House proposal, the plan from Senate Democrats suggests a more limited child and dependent tax credit and a different approach to reducing the estate tax.Continue reading “Estate Tax News – More Reaction to the Massachusetts Senate’s proposal to cut the estate tax”
Estate Tax News – Reaction to the Massachusetts Senate’s proposal to cut the estate tax
Here is some miscellaneous reaction from Massachusetts media outlets following the Senate’s announcement of it’s estate tax relief proposal. Boston Globe: Like the House, the Senate plan also would reshape the Massachusetts estate tax, considered among the strictest in the country, by raising the tax threshold from $1 million to $2 million. The Senate proposalContinue reading “Estate Tax News – Reaction to the Massachusetts Senate’s proposal to cut the estate tax”
Estate Tax News – Massachusetts Senate unveils its proposal for tax relief; includes increasing estate tax exemption to $2 million
Today, the Massachusetts Senate unveiled it’s tax relief proposal. It includes raising the Massachusetts estate tax exemption from $1 million to $2 million. The full text of the bill can be found here. This post is a part of Old Colony Law’s Estate Tax Updates.
Estate Tax News – High taxes are driving people out of Massachusetts
Lawmakers need to shift gears on tax policy if they want to ensure that Massachusetts remains a place where residents can prosper and the economy remains competitive into the future, according to an opinion piece in today’s Boston Globe: Massachusetts also has the most burdensome estate tax in the nation with a threshold of $1Continue reading “Estate Tax News – High taxes are driving people out of Massachusetts”
Estate Tax News – Tax relief still alive despite state potentially owing billions to feds
Massachusetts tax revenues are down for the year and the Commonwealth may owe billions of dollars to the federal government. Still, as Boston Herald reports, discussions related to tax relief, including cuts to the Massachusetts estate tax, are still ongoing among lawmakers: The Senate’s about $56 billion fiscal 2024 budget, unanimously passed at the endContinue reading “Estate Tax News – Tax relief still alive despite state potentially owing billions to feds”
Estate Tax News – Report: Mass. outward migration increases fourfold
The Eagle-Tribune covers a report from The Pioneer Institute, entitled “Tax Reality Sets In,” citing the Massachusetts estate tax as a reason for outward migration: The report argues that Massachusetts policymakers have “ignored the new tax realities and the rise of remote work” citing the voter approval of the millionaires tax in 2022 and legislativeContinue reading “Estate Tax News – Report: Mass. outward migration increases fourfold”
Estate Tax News – Capital gains, estate tax cuts could be on chopping block in Massachusetts relief debate
MASSterList reports on the estate tax relief discussions happening in the Massachusetts legislature amid recent reports of state tax revenue dropping last month: Will the eye-popping drop in April revenue numbers, which came in $1.4 billion under benchmark make them blink? The Senate, perhaps a little more to the left than the House, will have toContinue reading “Estate Tax News – Capital gains, estate tax cuts could be on chopping block in Massachusetts relief debate”
Estate Tax News – Raise Up Massachusetts sent a letter to the entire Senate yesterday
From Politico Massachusetts: Raise Up Massachusetts sent a letter to the entire Senate yesterday doubling down on its argument that April’s revenue shortfall, combined with the feds hiking interest rates and the threat of defaulting on the national debt, present “significant” fiscal risk for the state. The group is urging senators to reject not onlyContinue reading “Estate Tax News – Raise Up Massachusetts sent a letter to the entire Senate yesterday”
Comparing the Healey Administration and House estate tax relief proposals
Here’s a side-by-side of the two major Massachusetts estate tax relief proposals that are currently on the table. A Senate version is expected to surface in the coming several weeks. This post is a part of Old Colony Law’s Estate Tax Updates.
Estate Tax News – Democrats’ tax dance
Adding to yesterday’s coverage of the House tax relief plan, here is a comment from Politico: And the House is only seeking to raise the estate-tax threshold from $1 million to $2 million — the number lawmakers had largely settled on before discussions were scuttled last session — rather than the $3 million the governorContinue reading “Estate Tax News – Democrats’ tax dance”
Estate Tax News – Miscellaneous reaction to House tax relief plan
The House just released its much anticipated tax relief package. Below are some links to some media coverage and snippets from that coverage relating to the estate tax. Old Colony Law will continue to post updates as details become available. Boston Herald: The proposal would also double the state’s death tax threshold to $2 millionContinue reading “Estate Tax News – Miscellaneous reaction to House tax relief plan”
Estate Tax News – House tax plan builds on Healey approach
CommonWealth Magazine compares the Massachusetts House’s tax relief plan with the proposal the Healey Administration announced in late February: The House estate tax proposal raises the threshold where the tax kicks in from $1 million to $2 million and applies the tax only to the amount above $2 million. All estates would be eligible forContinue reading “Estate Tax News – House tax plan builds on Healey approach”
Estate Tax News – Big week on Beacon Hill
Politico reports on a new UMass Amherst/WCVB poll: [O]nly 48 percent of respondents support raising the estate-tax threshold to $3 million from $1 million, while 25 percent oppose it and 26 percent chose neither option. UMass Amherst polling director Tatishe Nteta expects the upcoming budget discussions will help move the needle for those in thatContinue reading “Estate Tax News – Big week on Beacon Hill”
Estate Tax News – There’s lots of talk about millionaires leaving Massachusetts. But will they?
Boston Globe with reaction from Massachusetts residents on the current tax climate. Although not the primary topic of discussion, the Massachusetts estate tax is invoked throughout the piece. This post is a part of Old Colony Law’s Estate Tax Updates.
Estate Tax News – Exodus of wealthy residents called non-existent
CommonWealth Magazine reports on a report issued by the Massachusetts Budget and Policy Center, which suggests that “the business community narrative that millionaires are fleeing the state is unfounded.” The Budget and Policy Center said Internal Revenue Service data from 2011 to 2020 indicate out-migration of high-income households is low in Massachusetts compared to otherContinue reading “Estate Tax News – Exodus of wealthy residents called non-existent”
Tax relief: Reading Mariano’s tea leaves
Boston Globe attempts takes a stab at reading the tax relief tea leaves for its readers in an opinion piece: During a question and answer period at the [Greater Boston] Chamber [of Commerce] event, Mariano said of the estate tax: “It’s pretty much assumed that you’re going to see that tin the [House] package.” ButContinue reading “Tax relief: Reading Mariano’s tea leaves”
Mariano pitches Mass. House tax plan, setting up a face-off with Healey’s proposal
Boston Globe‘s coverage of Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief plan: He didn’t get into specifics, other than to say the tax reform package will contain elements that were left on the table last summer when negotiations on the previous package were dropped, and that some of theContinue reading “Mariano pitches Mass. House tax plan, setting up a face-off with Healey’s proposal”
Mariano says state can afford another tax cut package
CommonWealth Magazine reports on House Speaker Ron Mariano’s comments on the House’s forthcoming tax relief package: In his prepared remarks to the Chamber on Thursday, Mariano indicated he believes the state can now afford a tax relief package. “In order to guarantee that this proposal does not jeopardize the long-term financial security of the Commonwealth,Continue reading “Mariano says state can afford another tax cut package”
Tax cuts for Bay Staters: ‘Everything’s on the table,’ Speaker Ron Mariano says
MassLive reports following Massachusetts Speaker of the House Ron Mariano’s comments on the House’s forthcoming tax relief package at a Greater Boston Chamber of Commerce gathering: Mariano couldn’t say what the House’s tax package would cost, such as around $1 billion or closer to $500 million. But Mariano said his chamber does want to findContinue reading “Tax cuts for Bay Staters: ‘Everything’s on the table,’ Speaker Ron Mariano says”
Estate tax update: Reaction to Governor’s testimony before the Joint Revenue Committee
On Tuesday, Governor Healey’s testified before the Joint Revenue Committee regarding her tax relief package (which includes proposed changes to the estate tax law). As part of it’s ongoing Estate Tax Updates, Old Colony Law compiled some of the reaction in the press. Please feel welcome to write to write to [email protected] if you haveContinue reading “Estate tax update: Reaction to Governor’s testimony before the Joint Revenue Committee”
Tax relief critics, supporters will air thoughts Tuesday
Daily Hampshire Gazette sets the stage for an upcoming public hearing on the Governor’s proposed tax reforms (including changes to the Massachusetts estate tax law): Healey’s plan (H 42) combines a new $600-per-dependent tax credit for parents and caregivers with relief for renters and seniors, slashes the short-term capital gains tax rate from 12% to 5%,Continue reading “Tax relief critics, supporters will air thoughts Tuesday”
Massachusetts House drags its feet on legislation 2 months into session
MassterList on the current status of the Healey Administration’s tax reform and relief proposal, which includes an overhaul of the Massachusetts estate tax: No hearing has been scheduled on the tax reform and relief proposal Healey filed more than two weeks ago, and leaders in the House — where the tax bill must pass firstContinue reading “Massachusetts House drags its feet on legislation 2 months into session”
Chambers of commerce fear not being heard, band together
From CommonWealth Magazine: TEN OF THE state’s regional chambers of commerce are concerned they are not being heard on Beacon Hill, so they are banding together to speak with one louder voice. And on the estate tax specifically: Gov. Maura Healey has proposed a tax cut package that includes a reduction in the state’s estateContinue reading “Chambers of commerce fear not being heard, band together”
Healey’s tax plan will disproportionately benefit wealthier households, new report says
Boston Business Journal on Massachusetts Budget and Policy Center’s reaction to the Healey Administration proposed changes to the Massachusetts estate tax: MassBudget assessed three of Healey’s proposed tax credits as progressive, with a larger benefit for lower-income households, but argued that the governor’s two “highly regressive” tax cuts would outweigh the impact of the moreContinue reading “Healey’s tax plan will disproportionately benefit wealthier households, new report says”
These tax breaks from Gov. Healey are regressive, benefit the wealthy, think tank says
MassLive reports on more reaction to the Healey Administration’s proposed tax relief package: Two of Gov. Maura Healey’s proposed tax breaks would disproportionately benefit the commonwealth’s wealthiest residents, while cutting into state resources that could be used for other critical needs, a new report states. The left-leaning Massachusetts Budget and Policy Center reiterated its criticismContinue reading “These tax breaks from Gov. Healey are regressive, benefit the wealthy, think tank says”
Progressive Coalition Mulling Tax Questions For Ballot
WBZ NewsRadio 1030 on some of the reaction to the Healey Administration’s tax relief package as it relates to the proposal to increase the Massachusetts estate tax filing threshold: Healey is deploying her political capital to press for a nearly $1 billion per year tax package that would roll out a new $600-per-dependent tax credit forContinue reading “Progressive Coalition Mulling Tax Questions For Ballot”
Healey’s proposed estate tax threshold could have grave consequences in R.I.
Providence Business News on how changes to the estate tax in Massachusetts could prompt it’s neighbor, Rhode Island, to make a similar move: Rhode Island is always looking over its shoulder at Massachusetts when it comes to taxes. So as Massachusetts Gov. Maura Healey proposes giving more Commonwealth residents a break on estate taxes, theContinue reading “Healey’s proposed estate tax threshold could have grave consequences in R.I.”
Healey urges lawmakers to approve budget, tax cuts
The Daily News of Newburyport covers Governor Healey’s tax relief pitch to lawmakers: During a livestreamed Statehouse hearing, Healey personally made a case to approve the spending plan and related legislation that calls for adjusting income-tax laws to increase deductions for low-income renters, tax credits for housing and child care, and an overhaul of theContinue reading “Healey urges lawmakers to approve budget, tax cuts”
Healey’s plans to cut business tax faces pushback
The Eagle-Tribune covers the debate over the Healey Administration’s estate tax proposal. The proposal is part of a broader tax package that would, if approved by the Legislature, adjust income-tax laws to boost deductions for low-income renters, provide tax credits for housing and child care, and overhaul the estate tax. “We know some of theContinue reading “Healey’s plans to cut business tax faces pushback”
Group behind Fair Share Amendment effort in Mass. says Healey’s tax plan is “enormous windfall” for the 1%
The Raise Up Massachusetts coalition explains it’s opposition to the Healey Administration’s tax relief package and, more specifically, the estate tax relief component of that package: WAMC: The coalition is now speaking out against Governor Maura Healey’s new $742 million tax plan. Can you explain why the coalition is speaking out against it, and howContinue reading “Group behind Fair Share Amendment effort in Mass. says Healey’s tax plan is “enormous windfall” for the 1%”
Gov. Healey’s $750 million tax relief package seen as ‘stimulus’ for Mass. economy
Masslive.com reports: In her tax relief package, Healey also wants to eliminate Massachusetts’ outlier tax code status by increasing the estate tax threshold from $1 million to $3 million and introducing a credit of up to $182,000. More on the Governor’s view on how the estate tax proposal fits into the larger context of herContinue reading “Gov. Healey’s $750 million tax relief package seen as ‘stimulus’ for Mass. economy”
Healey, Wu of two minds on affordability
Politico reports on Boston Mayor Michelle Wu’s comment on Massachusetts Governor Maura Healey’s proposal to increase the estate tax exemption: That’s “outside the purview of the city of Boston,” Wu said. This post is a part of Old Colony Law’s Estate Tax Updates.
Democrats should not dismiss Healey’s estate tax proposal (Editorial)
MassLive.com‘s editorial take on the Healey Administration’s estate tax proposal: Of particular note is Healey’s proposal to triple the estate tax threshold, essentially eliminating the tax on estates worth less than $3 million. Even her predecessor, Republican Charlie Baker, didn’t go that far when the Legislature and the governor considered doubling the threshold. Predictably, theContinue reading “Democrats should not dismiss Healey’s estate tax proposal (Editorial)”
How Gov. Healey wants to spend the ‘millionaires tax’ money
Boston.com touches on the Massachusetts estate tax debate, noting that Raise Up Massachusetts, the group behind the so-called ‘millionaire’s tax’ amendment, is opposed to the Healey Administration’s estate tax proposal: But the group also argued Healey’s $742 million plans for tax relief, especially those that will benefit the state’s wealthiest residents by slashing the capitalContinue reading “How Gov. Healey wants to spend the ‘millionaires tax’ money”
Healey tells business group no one will compete harder
CommonWealth Magazine covers Massachusetts Governor Maura Healey’s remarks to a Greater Boston Chamber of Commerce gathering: Healey talked up her proposed tax breaks for parents, renters, and seniors, but emphasized her proposals to treat all capital gains the same (right now short-term gains are taxed at 12 percent and all other gains at 5 percent)Continue reading “Healey tells business group no one will compete harder”
Healey’s tax relief plan won’t spur the economic development Mass. needs, analysts say
Alison Kuznitz at MassLive.com covers some of the reaction to the Healey Administration’s proposal to lift the Massachusetts estate tax threshold: Healey on Monday pitched overhauling the estate tax and short-term capital gains tax as a critical strategy to staunch an outward migration of Bay Staters and companies, as well as to lure newcomers whoContinue reading “Healey’s tax relief plan won’t spur the economic development Mass. needs, analysts say”
Fight over millionaire tax shifts to new arena
CommonWealth Magazine’s Bruce Mohl discusses how the estate tax is getting caught up on the so-called “millionaire tax” debate: THE POLITICAL FIGHT over the millionaire tax never seems to end. It took eight years for the state’s unions to win passage of a constitutional amendment assessing a 4 percent surcharge on income over $1 million.Continue reading “Fight over millionaire tax shifts to new arena”
Should Governor Healey cut estate and capital gains taxes for Massachusetts residents?
WWLP News 22 covers the reaction to Governor Maura Healey’s estate tax proposal: Under Healey’s plan, the short-term capital gains tax would go from 12% to 5%. Healey’s plan would also increase when the estate tax kicks to $3 million. It would also offer up to $182,000 in a new estate tax credit. The RaiseContinue reading “Should Governor Healey cut estate and capital gains taxes for Massachusetts residents?”
Tax(relief)achusetts
Politico on the Healey Administration tax plan: Healey surprised Democrats on and off Beacon Hill by pitching an expansive tax-relief package that surpasses former Gov. Charlie Baker’s in scope and in cost. She’s calling for a $3 million estate-tax threshold, up from the $2 million marker floated last year. And she’s reviving a part ofContinue reading “Tax(relief)achusetts”
Statement on Governor Healey’s Estate Tax Proposal
For Immediate Release: February 27, 2023 Contact: Ben Palkowski 413 387 0080 [email protected] OLD COLONY LAW RELEASES THE FOLLOWING STATEMENT IN RESPONSE TO GOVERNOR HEALEY’S ESTATE TAX PROPOSAL “Today, Governor Healey announced that the tax relief package she will be submitting to the legislature later this week incorporates a proposal to eliminate the estate tax onContinue reading “Statement on Governor Healey’s Estate Tax Proposal”
Healey Administration announces estate tax reform plan
The Healey Administration announced its much-anticipated tax relief package today, which includes a proposal to increase the Massachusetts estate tax exemption from $1 million to $3 million. Here’s the press release announcing the package: It would also eliminate the estate tax for all estates valued at up to $3 million with a credit of upContinue reading “Healey Administration announces estate tax reform plan”
A difference of opinion on estate tax, capital gains
CommonWealth Magazine covers two different perspectives on the day the Healey Administration released its tax relief package, which included raising the Massachusetts estate tax exemption: TWO OF THE state’s leading budget analysts are split on whether Gov. Maura Healey’s tax reform package will make the state more competitive in retaining and attracting wealthy residents. OnContinue reading “A difference of opinion on estate tax, capital gains”
Here’s the tax relief Mass. Republicans want from Gov. Maura Healey
MassLive reports on Senate Republicans’ message to Governor Healey on her forthcoming tax relief package as it relates to the estate tax: Days before Gov. Maura Healey releases her highly anticipated first budget and an accompanying tax relief package, Senate Republicans have urged the new Democratic leader to pursue a series of permanent tax codeContinue reading “Here’s the tax relief Mass. Republicans want from Gov. Maura Healey”
Lawmakers to revisit stalled tax cut proposals
The Eagle-Tribune on possible Massachusetts estate tax reform: BOSTON — A stalled package of permanent tax cuts is back on Beacon Hill’s agenda with lawmakers re-filing the proposals for the new legislative session. The proposals include plans to adjust state income tax laws, boost rent deductions, expand tax credits for housing and child care andContinue reading “Lawmakers to revisit stalled tax cut proposals”
Our View: In 2023, let’s give taxpayers a break
The Sun Chronicle makes the case for changes to the Massachusetts estate tax: Leading the Democrats’ list must be a reform of Massachusetts’ estate tax. Right now, Massachusetts taxes estates of $1 million or more at a rate of 15%. Only one other state starts that low, Connecticut. And Massachusetts is the only state thatContinue reading “Our View: In 2023, let’s give taxpayers a break”
How to avoid the Massachusetts estate tax? Try not to die.
A Boston Globe opinion piece on the Massachusetts estate tax: Voters supported Question 1 on the November ballot, which amends the Massachusetts Constitution by adding a 4 percent tax surcharge on annual income over $1 million. That’s if you’re still alive. But you would still be advised not to die here anytime soon. While MassachusettsContinue reading “How to avoid the Massachusetts estate tax? Try not to die.”
Tax relief plan likely to top Healey’s agenda
The Eagle-Tribune previews the Healey Administration’s agenda, which is expected to include revisiting reforms to the state estate tax: BOSTON — The decision by legislative leaders to punt on a massive tax relief plan gives incoming Democratic Gov. Maura Healey the chance to mark her first notch as the state’s new chief executive with aContinue reading “Tax relief plan likely to top Healey’s agenda”
Old Colony Law Opens in Hadley
FOR IMMEDIATE RELEASE: November 16, 2022 CONTACT: Claire Crowley or Ben Palkowski 413 387 0080 [email protected] OLD COLONY LAW OPENS IN HADLEY Route 9 Law Practice Focuses on Estate Planning HADLEY, MA — Old Colony Law celebrated its grand opening this month. The law firm provides estate planning services for residents and families in theContinue reading “Old Colony Law Opens in Hadley”