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. If you are the family member or legal representative of the estate of a decedent dying after January 1, 2023, please contact us as soon as possible to review the estate administration process and discuss the impact of the Bill on the taxation of the estate. We also encourage clients to reach out to evaluate their overall assets and estate plan goals.
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