Recently, there’s been news about how a new IRS ruling (Revenue Ruling 2023-2) in March 2023 affects the step-up in basis for certain irrevocable trusts.
An inheritance tax is a tax on the assets that a beneficiary receives from an estate. The good news: Massachusetts doesn’t have an inheritance tax.
The Massachusetts estate tax exemption is $1M. When you die, if your estate is valued at $1M or under, you pay no estate tax. If
There’s a great feeling of satisfaction that comes with giving. Being able to help your loved ones through major life events and financial transitions can
Estate planning attorneys often receive calls from potential clients requesting how much a simple Will costs. What they do not know is that a simple
Many people think of estate planning as a luxury for wealthy business owners, executives and CEOs – multi-millionaires who have a variety of homes and
Many people are confused about the subject of gift taxes. While only two states — Connecticut and Minnesota — have a state gift tax, there
Not many people would view the IRS as a charitable organization, but you might if you plan your gifting appropriately – i.e., in a way
Most successful business owners have spent years building their business into a profitable enterprise. However, as retirement approaches they are often discouraged to find that
Life insurance is an important financial tool for many Massachusetts families, however, many don’t realize that the proceeds from life insurance policies owned at death
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