ESTATE TAX MINIMIZATION

Attorneys at Patricia Mello & Associates understand that you have worked hard your entire life, and would like the next generation of your beneficiaries to inherit from you while minimizing the amount of taxes due upon death. Like many states, Massachusetts has an Estate Tax, which is a tax charged to estates that are worth more than one million ($1,000,000.00) dollars in 2020. With properly drafted estate documents, married couples can shelter up to two million ($2,000,000.00) dollars from potential estate taxes. It is essential that you and your spouse educate yourselves about tax law and plan in advance with estate documents that take advantage of current tax laws to the benefit of you and your heirs.

Our attorneys can also explain gift taxes and the potential costs, if any, to you and your beneficiaries as the result of gifting, as well as the issues with gifting and current Medicaid law in Massachusetts.