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Planning for Massachusetts Estate Taxes, Too!
With the federal estate tax exemption up to $5.49 million for 2017, many need no longer worry about their estate incurring federal estate taxes. However, many states have a state estate tax and for Massachusetts residents, the state estate tax exemption is only $1 million. Any Massachusetts estate over that threshold will potentially have to pay state estate taxes and file an estate tax return. We’ll take a look at a Massachusetts Standby Gifting Trust and how you could potentially make gifts a day before death to avoid significant state estate taxes.
Read MoreLooking at the Benefits of Charitable Lead Trusts
With a federal estate tax exemption at $5.49 million for 2017 and interest rates remaining near all-time lows, a charitable lead trust (or CLT) may be a particularly effective estate planning tool for some families. A helpful article from WealthManagement.com, “Planning for Qualified and Nonqualified Charitable Lead Trusts,”looks at some of the things that make planning with a CLT helpful. Especially given stock markets closing at or near record highs, there are some distinct benefits to using a charitable lead trust in your estate planning.
Read MoreThe Benefits of Intentionally Defective Grantor Trusts
It feels like the last few decades have been an investing roller coaster. However, with markets hitting all-time highs in recent weeks, some investors may be rethinking their trusts. Planning for income taxes in addition to estate taxes can add an extra layer of complexity to estate planning and a Wall Street Journal article, “Rethinking Some Grantor Trusts,” [no longer available from source] highlights some of the benefits of an Intentionally Defective Grantor Trust, or IDGT.
Read MoreSome Ideas on Efficiently Passing IRA Accounts to Heirs
Most of us have qualified retirement accounts. Whether they’re an IRA, 401(k) or other qualified retirement account, we’re all generally familiar with their existence. However, did you know that you need to be careful when planning to give an IRA to an heir? An article from NerdWallet highlights some of the important planning aspects of these retirement assets.
Read MoreThe Benefits of ILIT Planning
Most of us understand the importance of providing for loved ones using life insurance. However, did you know that if you’re not careful, leaving life insurance money to heirs can result in a significant tax hit? A recent article from The Motley Fool, “What’s an Irrevocable Life Insurance Trust and Why Do I Need One?” looks at some of the benefits of using this more advanced estate planning technique.
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