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Massachusetts Estate Tax Update
On October 4, 2023, Governor Healy signed into law Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity, which, among other tax reforms, increased the Massachusetts estate tax exemption from $1 million to $2 million and eliminated the notorious “cliff” effect—or disappearing exemption feature—of the prior law.
This new legislation, which retroactively applies to all estates for decedents dying on or after January 1, 2023, presents many planning opportunities for taxpayers, but it also raises many questions.
Please join Attorneys Bradford N. Vezina and Philip L. Tizzano as they provide an overview and analysis of the new tax law; explore ambiguities and questions raised by the same; and examine estate planning strategies necessary to fully utilize this increased estate tax exemption.
Brad focuses his practice on designing, developing and implementing comprehensive estate plans for individuals and families across the economic spectrum. As a Director in the firm’s Trusts and Estates Department, Brad advises clients in a wide range of sophisticated wealth transfer and tax planning strategies. Brad represents clients in probate court matters including estate settlement, guardianship and conservatorship proceedings, and adoptions. He also counsels individual and corporate trustees regarding their fiduciary duties during the administration of trusts.
Phil focuses his practice on all aspects of Estate Planning and Estate and Trust administration. He works closely with clients to develop individualized and sophisticated estate plans to meet each client’s personal goals for wealth transfer and asset protection. Phil counsels clients on estate tax minimization strategies, probate avoidance, special needs planning, charitable giving, and protection of assets. He is also an experienced estate administrator, where he guides clients through the complexities of administering a loved one’s estate and the settlement of trusts.