Category Archives: Estate Taxes

Is an Increased Massachusetts Estate Tax Exemption in the Cards?

Massachusetts remains in the minority of states that have not increased their estate tax exemption since the federal estate tax exemption was raised in 2001. The Massachusetts estate tax exemption is currently $1,000,000 per person (though it disappears if you … Continue reading

Posted in Estate Taxes

U.S. Supreme Court Same Sex Marriage Decision And its Tax Implications at the State Level Across the U.S.

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On June 26, 2015, the U.S. Supreme Court issued a landmark 5-4 decision in Obergefell v. Hodges, holding that every state must license a marriage between two people of the same sex and every state must also recognize a marriage … Continue reading

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A Cautionary Tale

  Last week I met with a delightful couple in their early 80’s with a big problem.  Over 10 years ago, at the urging of their four children, these folks transferred to their kids a so-called “remainder interest” in the … Continue reading

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The Tax Deduction for People with Dementia

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April inevitably means tax time, so whether or not you need to file a return, this tends to be the season when you, and everyone else, think about deductions and techniques you might use to reduce the amount of tax … Continue reading

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And now… we have our Tax Extenders

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Congress recently passed the “Tax Increase Prevention Act of 2014,” which the President has signed.  The Act extends numerous tax breaks that had expired for tax year 2014 and makes these tax breaks retroactive to January 1, 2014.  These extenders … Continue reading

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Making Your Giving Count

           By now you have already been buried with requests from charities near and far, worthy and not-so-worthy, hoping to share in your good cheer during what is inevitably called the season of Giving.  If you’re like many parents (and … Continue reading

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To Gift, or Not to Gift

The topic of gifting assets is often an important discussion in the world of estate planning.  Generally, a main point of gifting is to remove assets from the estate of the donor to avoid potential estate taxes on the asset.  … Continue reading

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Using Revocable Trusts for Tax Planning

I tell almost all of my clients who are married and have an estate worth more than $1,000,000 to consider using revocable trusts in their estate plan to defer payment of estate tax for as long as possible. This type … Continue reading

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All Is Not the Same With Inherited IRAs- The US Supreme Court Denies Creditor Protection For Inherited IRAs

Recently the U.S. Supreme Court issued a ruling related to whether creditors could reach an inherited IRA.  Many individuals assumed that all IRAs were protected from creditors; however, the Supreme Court disagreed under federal bankruptcy law. The issue arose when … Continue reading

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A Trust for All Seasons

One of the rewards of being an estate planning attorney is helping individuals and families put their goals and objectives for their financial futures in effect.  Estate planning is the process one goes through to ensure that his or her … Continue reading

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