Are You Rich Enough to Worry About the Massachusetts Estate Tax?
You may not think estate taxes are a real concern for you. After all, the current federal exemption is over $11 million. But in Massachusetts, if your taxable assets are worth $1 million or more, your estate could face significant tax liabilities.
What you may not know is that your "taxable estate" is different from your probate estate. Things like your home that you own jointly with your spouse, retirement accounts with beneficiary designations, and life insurance proceeds all count in your taxable estate even though they do not go through probate.
That means you are most likely richer than you think. If you own a home, have retirement savings, and have a life insurance policy, you may hit the $1 million threshold.
The good news is that there are ways to address this and avoid or minimize the burden your estate will have to bear.
Learn more here about how to plan for Massachusetts estate taxes.
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