Gov. Maura Healey signs Massachusetts' first estate tax cuts in more than 20 years

A uniform credit of $99,600 on estate taxes will reduce the tax for all residents and eliminate it for all estates under $2 million. The new law increases the estate tax exemption from $1 million to $2 million. Given the sharp increase in home values, this is long overdue relief to Massachusetts families.

What does this mean for you and your estate plan? Those who have estate valued under $2 million will not be subject to Massachusetts estate tax. What if you have an estate plan in place that was drafted based on the old $1 million threshold? Now is a great time to review your estate plan and to be sure it is up to date.

Call attorney John A. Laine to find out more.