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As discussed in Estate and Trust Administration, the Law Office of Boyd & Boyd, P.C. prepares estate tax returns when appropriate when administering an estate of a decedent. In 2007, a federal return is required when the estate exceeds $2,000,000. Often it is advisable to file even though a return is not required. A Massachusetts return is required for estates of Massachusetts residents and out of state residents who own real property or personal property located in Massachusetts with an estate in excess of $1,000,000.
Likewise, we can assist you in preparing and filing a gift tax return when gifts of cash or property exceed the exclusion amount of twelve thousand dollars ($12,000) per reciepient, per year.
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