Estate Tax Planning
Estate & Gift Tax Returns
As discussed in Estate and Trust Administration, the Law Office of Boyd & Boyd, P.C. prepares appropriate estate tax returns when administering an estate of a decedent. A US Estate Tax Return (Form 706) is required when the estate is over the exemption amount ($11,400,000 in 2019).
Even when a federal return is not required it is often advisable to file. The relatiely new concept of "portability" - where the unused federal estate tax exemption of the first spouse to die may be moved or "ported" to the survivng spouse - is an election. The Personal Representative/Executor must file a US Estate Tax Return in order to elect poratbility. FIling a US Estate Tax Return may be critical for many families especially when the estate is below the exemption amount.
A Massachusetts return (Form M-706) is required when a decedent's gross estate exceeds $1,000,000. This filing requirement applies not only for estates of Massachusetts residents, but also for out of state residents who own real property or personal property located in Massachusetts.
Likewise, we can assist you in preparing and filing a gift tax return when gifts of cash or property exceed the exclusion amount of fifteen thousand dollars ($15,000) per recipient, per year.