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Articles by Sofia Martinez-Guasch
Is 2024 the Year of Gifting? Different Ways to Gift to Minimize Estate Taxes | JD Supra
Why Gifting and Why 2024? Gifting assets during life allows individuals to minimize their estate tax liabilities at death. Gifting is a strategy that can preserve wealth for future generations by minimizing estate taxes. Each year, the IRS allows taxpayers to gift a certain amount to any one person without any tax implications. Known as the Annual Gift Tax Exclusion, the amount for 2024 is $18,000 per individual or $36,000 per married couple.
MA Estate Tax Update: Estate Tax Exemption Is Now $2M | JD Supra
Today, Wednesday, October 4, 2023, Governor Maura Healey signed Bill H. 4104 into law, creating a Massachusetts estate tax exemption of $2,000,000. The new law exempts the estates of decedents dying on or after January 1, 2023 from the imposition of Massachusetts estate tax to the extent the federally taxable estate is not more than $2,000,000. The Massachusetts estate tax threshold had been $1,000,000 since 2006. This new change in law is relevant to our Trusts & Estates clients.
MA Estate Tax Update: Senate Accepts $2M Estate Tax Exemption | JD Supra
On Thursday, September 28, 2023, the Massachusetts Senate voted in favor of Bill H. 4104 to increase the Massachusetts estate tax filing threshold to $2,000,000. The Massachusetts House of Representatives approved the Bill on Wednesday, September 27, 2023. The Senate voted 38-1 to accept Bill H. 4104, which exempts the estates of decedents dying on or after January 1, 2023, from MA estate tax if the federal taxable estate is not more than $2,000,000.
MA Estate Tax Update: Major First Step as House Approves $2M Estate Tax Exemption | JD Supra
Today, September 27, 2023, the Massachusetts House of Representatives approved an increase to the Massachusetts estate tax filing threshold to $2,000,000. The House voted 155-1 on Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity, which amends Section 2(A) of Chapter 65C under the MA General Laws.
Golden Visas and Estate Planning: How You Can Travel and Create Generational Wealth Over-Seas | JD Supra
Didn’t get to travel to Europe this summer? Dreaming of retiring abroad? Have a child who is starting school internationally? It is not too late to head overseas and explore the unique benefits of alternative residences through programs known as Golden Visas. If you are an eager traveler and want to preserve wealth for future generations, the Golden Visa is your golden ticket to creating generational wealth while living a high-quality life abroad (with a view).
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