by amanda | Uncategorized
Charitable gifts offer a great opportunity to reduce income tax liability. When a taxpayer makes a charitable contribution, typically they get an offsetting charitable income tax deduction. Unfortunately, that offsetting deduction doesn’t always end up reducing...
by amanda | Uncategorized
As its name implies, a purpose trust is a type of trust that you create and establish for a specific purpose. Unlike traditional trusts, which operate to benefit identifiable individuals or entities, purpose trusts exist to fulfill a particular goal without the...
by amanda | Uncategorized
Most folks know that the federal government imposes an estate tax on estates with total assets that exceed $12.92 million in 2023. The Internal Revenue Code (“Code”) Section 2010 calls that amount the “Applicable Exclusion Amount”...
by amanda | Uncategorized
Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be required for all estates at or above...
by amanda | Uncategorized
When your days are consumed with running a business, it can be hard to look ahead towards tomorrow’s to-do list, much less towards a to-do list for something far in the future, like estate planning. If you’ve pushed off putting in writing what will happen...
