In addition to Probate, many estates are subject to estate taxes. In 2023, the Federal estate tax exemption amount is $12.92 Million and the Massachusetts filing threshold amount is $1 Million per person. Without thoughtful planning, estates are often taxed in an inefficient manner, resulting in fewer assets passing to loved ones.
Tax planning is a critical piece of estate planning. We strive to help our clients understand their current tax position and create a strategy to reduce the taxable estate through the use of revocable and irrevocable trusts. In some cases, lifetime gifting is an appropriate method of wealth transfer. Each client has a unique financial position requiring an individualized approach to planning.
If your you and your family would like to preserve assets through strategic tax planning, please contact us to schedule a initial conference.