Massachusetts Estate Planning Guide: A Comprehensive Overview
Protect your loved ones and assets with expert Massachusetts estate planning advice.
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Massachusetts has a number of specific laws and regulations that can affect your estate plan. If you are based in Massachusetts, it is important to be aware of these nuances so that you can ensure that your plan is compliant with state law.
Probate Laws
Massachusetts has a relatively straightforward probate process. The probate court is responsible for supervising the administration of the estate. The executor or administrator of the estate is responsible for collecting the assets of the deceased, paying off debts, and distributing the remaining assets to the beneficiaries.
Estate Taxes
Massachusetts has an estate tax. The tax is imposed on the transfer of property at death. The tax rate is progressive, meaning that the tax rate increases as the value of the estate increases. The tax is only imposed on estates that are worth more than $1 million.
Gift Taxes
Massachusetts has a gift tax. The tax is imposed on the transfer of property during your lifetime. The tax rate is progressive, meaning that the tax rate increases as the value of the gift increases. The tax is only imposed on gifts that are worth more than $15,000.
Trust Laws
Massachusetts has a number of laws that govern the creation and administration of trusts. Trusts are legal arrangements that allow you to transfer property to beneficiaries and avoid probate. There are a number of different types of trusts, including revocable trusts, irrevocable trusts, and charitable trusts.
Medicaid Eligibility
Massachusetts has a Medicaid program that provides health care coverage to low-income individuals and families. If you are planning to apply for Medicaid, it is important to be aware of the asset limits that apply. The asset limits are lower for individuals who are married than for individuals who are not married.
Powers of Attorney
A power of attorney is a legal document that gives someone else the authority to act on your behalf. There are two types of powers of attorney: durable powers of attorney and non-durable powers of attorney. A durable power of attorney remains in effect even if you become incapacitated. A non-durable power of attorney only remains in effect while you are mentally competent.
Conclusion
These are just some of the state-specific nuances that you need to be aware of if you are based in Massachusetts. It is important to consult with an estate planning attorney to ensure that your plan is compliant with state law.
Information published to or by The Industry Leader will never constitute legal, financial or business advice of any kind, nor should it ever be misconstrued or relied on as such. For individualized support for yourself or your business, we strongly encourage you to seek appropriate counsel.
