On October 4, 2023, Governor Maura Healey signed a tax bill into law that increased the Massachusetts Estate Tax threshold from $1 million to $2 million. Although, it would have been nice if the amount was higher, this is good news for many of our clients.
This change impacts any deaths beginning January 1, 2023. If you previously executed trust documents, which included Credit Shelter Trusts, your existing documents are still effective and do not need to be changed at this time. If you would like to schedule a review of your existing estate plan, please contact our office at 617-489-5900.
We are always here to support you with estate planning and elder law issues.
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