Massachusetts Estate Tax Exemption Now $2 Million

In October 2023, the Massachusetts estate tax exemption increased from $1 million per person to $2 million per person.  This higher exemption applies to all individuals who die on or after January 1, 2023.  See here for more details. 

We work with our clients to ensure that their assets are titled in a way to maximize use of the Massachusetts exemption.  Prior to 2023, for married couples, it was important to ensure that at least $1M was in each spouse’s name (or in the name of his or her revocable trust), so that the exemption could be used at the first death.  Now that the exemption is $2M, each spouse should have $2M in his or her name or revocable trust, if possible.  Please contact us if you would like to review the titling of your assets.