In a nutshell please, what are the Massachusetts inheritance tax laws for estates valued under $1 million?
Answer:
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not very familiar with MA tax rules. but on the federal level. if the gross estate is about 60K. you should take away a few deductions, like marital deductions if it's passed on to a surviving spouse, repay the debts of the decedent, funeral exp, etc. then you come up with a taxable estate.
by the way, if the decedent had life insurance, then it is excluded from the income of the beneficiary. i don't think it is excluded from the estate tax though, not very sure about that
anyways, you get the taxable estate. and there's a table for you to compute your estate tax.
then you get a break, after you come up with your estate tax owed, you can subtract 555,800 (that's a 2005 figure, perhaps it's subject to inflation?) from your estate tax liability, it is a unified transfer tax credit, so you get the grand total of estate tax liability
so that's for the federal level. as for state, they might impose estate tax or inheritance tax. or both. so you gotta call a CPA. cause that's how they make money
i hope it helps a little bit. but don't take those things for granted. CPA is the best bet
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