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 lawmakers have finally come to an agreement that will make estate tax relief a reality for Massachusetts residents.

“The estate tax is among the most aggressive forms of tax out there. It factors in everything you own at the time of your death, including your retirement, your business and even your home. Many people who do not consider themselves wealthy are surprised to learn that they may have an estate that is taxable at their death.

“By doubling the current $1 million death tax threshold to $2 million, lawmakers are providing some of our clients with a little more breathing room before they have to worry burdening their loved ones’ with a tax. They are also providing our wealthier clients with opportunities to achieve some modest tax savings.

“We thank the legislature for their great work and look forward to delivering this good news to our clients, and ensuring they are situated to take full advantage of new tax savings opportunities.”

This post is a part of Old Colony Law’s Estate Tax Updates.