What is the Massachusetts Estate Tax?
Understanding the Massachusetts Estate Tax and Your Taxable EstateThe Massachusetts estate tax is a tax on the assets of your estate, if they total $2 million or more. This includes assets that do not pass through probate, like a jointly held home, life insurance proceeds, or retirement accounts.
The laws changed in 2023 to increase the exemption to $2 million. Also, before 2023, if your total estate is worth $999,999 at your passing, your estate would owe no estate taxes. If it was worth $1,00,001, your estate would owe approximately $36,000. Under the new law, there is an offsetting credit for assets up to $2 million, which means you are effectively only taxed on the assets above that number. Learn more here about how to plan for Massachusetts estate taxes. |
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