Comments on: What is the Estate Tax in Massachusetts? | Massachusetts Probate Law https://cape-law.com/what-is-the-estate-tax-in-massachusetts/ Cape Cod Massachusetts Medicaid Attorneys - Estate, Probate and Business Law Office Thu, 16 Feb 2023 11:37:44 +0000 hourly 1 https://wordpress.org/?v=6.5.5 By: Tim McNamara https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-47 Fri, 10 Mar 2017 16:22:08 +0000 http://localhost/wordpress/?p=909#comment-47 In reply to David McKenney.

Hello David,

We ordinarily would direct any specific inquiries about estate tax to our Cape Cod law office, to call for a free consultation on the subject.

If I take your comment correctly, it would appear your father gifted you this home and therefore should have filed a gift tax return with the IRS at that time.

This gift would be on record with the IRS and therefore make up a portion of his taxable estate. With that in mind, the remainder of his estate appears to amount to only ~$62k, an amount that does not rise to the Massachusetts estate tax threshold of $1M.

Unless the gift combined with his estate rises to or near that threshold, it does not appear an estate tax return was necessary.

]]> By: David McKenney https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-46 Fri, 10 Mar 2017 16:02:51 +0000 http://localhost/wordpress/?p=909#comment-46 My dad passed away January 29, 2016. I am the only child. My mom passed away 18 years ago. The house is in my name and has been for 17 years. There were 3 annuities that I am the beneficiary of totaling ~ 32k that we cashed in. There is also an investment account that I am on with my dad worth approx. 30k. did I need to file an estate tax form for this and what is included?

]]> By: Tim McNamara https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-45 Wed, 06 Jan 2016 14:08:49 +0000 http://localhost/wordpress/?p=909#comment-45 In reply to Karl Grossmann.

Hello Karl,

The decedent either resided in Texas or Massachusetts, but would in no event be taxed by both states. If the estate in Texas is distributing funds to a Massachusetts beneficiary, only Texas and federal estate taxes, if any would apply.

Thanks,
Tim

]]> By: Karl Grossmann https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-44 Wed, 30 Dec 2015 21:00:13 +0000 http://localhost/wordpress/?p=909#comment-44 What is the Estate Tax in Mass, for receiving funds from an estate in Texas. How are they calulated

]]> By: Tim McNamara https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-43 Mon, 15 Jun 2015 20:37:24 +0000 http://localhost/wordpress/?p=909#comment-43 In reply to Stephen Smith.

Hello Stephen,

I cannot comment on a return I haven’t seen, that is based on supporting documentation not in my possession. In any case, my office does not complete or file the actual tax returns but merely advises clients in advance planning. Your question as it relates to estate tax forms is probably best left to an accountant who is experienced in these matters.

]]> By: Stephen Smith https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-42 Wed, 13 May 2015 22:41:50 +0000 http://localhost/wordpress/?p=909#comment-42 It looks like the MA estate tax form relies on the amount shown on 706, page 1, line 15 (credit for state death taxes). And if that line shows a 0 then 0 is placed in line 2 of M-706. You then jump down to Part 4,line 1 and put in 0. This seems to be true even if the taxable estate is over $1M. So, if there is no state tax credit taken on the Federal 706, is there no tax due in MA?

]]> By: Tim McNamara https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-41 Tue, 06 May 2014 19:25:05 +0000 http://localhost/wordpress/?p=909#comment-41 In reply to Richard.

Hello Richard,

The answer depends on when the gifts were made. Given that we do not give legal advice on the public pages of this site, you will need to give our office a call, but I will tell you in any case that I will be referring you to an accountant we use to handle the estate tax forms for federal and Massachusetts purposes.

Thanks,
Tim

]]> By: Richard https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-40 Thu, 01 May 2014 00:53:27 +0000 http://localhost/wordpress/?p=909#comment-40 My dad left approximately $866,000 in a trust. That was his entire estate. He made reportable gifts of $442,000 during the last 6 years of his life. Would a MA estate tax return need to be filed and are there any taxes due

]]> By: Tim McNamara https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-39 Mon, 17 Feb 2014 20:59:00 +0000 http://localhost/wordpress/?p=909#comment-39 In reply to John.

Hello John,

Upon the death of one spouse, there is no estate tax assessed on the estate passing to the surviving spouse, no matter how much money is involved. The tax risk occurs upon the death of that surviving spouse. In order to take advantage of the first spouse’s $1 million dollar estate tax exemption in Massachusetts under the circumstances you describe – for the children – a particular trust with specific language needs to be created. The personal representative can then make an election for that purpose.

Thanks,
Tim

]]> By: John https://cape-law.com/what-is-the-estate-tax-in-massachusetts/#comment-38 Mon, 13 Jan 2014 18:34:25 +0000 http://localhost/wordpress/?p=909#comment-38 Marital Deduction – In MA, if a decedent leaves just under $1 million to his/her children, and the remainder of the estate (let’s say another $2 million) goes to her spouse, how does the marital deduction work? Is the $1 million left to the children considered a) exempt, b) taxable as a $1 million taxable estate, or c) taxable as the top 1/3 of a $3 millon dollar estate? (I’m assuming the $2 million to the spouse is exempt per the marital deduction.)
Thanks!

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