Three facts about estate planning in Massachusetts that you should know

By: Eric P. Rothenberg, Esq. – Estate planning in general means that you are engaging in financial planning, tax planning, and succession planning and we do this through the laws governing property, wills, and trusts. Here are three facts about Massachusetts law that you should know, which are very different from federal laws. Estate Tax. Federal taxes levied against the deceased’s taxable estate in Massachusetts are extremely high. The rate can be as steep as 55% of the assets in your federal estate which pass on to those to whom you them. Moreover, these taxes must be paid in cash. They must also generally be paid within nine months from the date of death. This get comes very quickly after one passes away due to the needs for grieving, immediate family needs and business needs. While under federal law a single person can die and pass on over $5.4 Million

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Posted by Robert L. Arone – As the federal estate tax exemption has ballooned from $1.5 million ten years ago to $5.43 million today, the need for estate tax planning has drastically decreased. Instead, higher income tax rates that were ushered in under the American Taxpayer Relief Act of 2012 (ATRA) have shifted the focus of estate planning to a new frontier: income tax basis planning. In this issue you will learn what income tax basis is, how older estate plans have been deliberately designed to include an income tax time bomb, and the options your clients have to update their plans so that their heirs will receive the maximum basis. The Basics of Income Tax Basis In its simplest form, income tax basis is the cost to buy an asset, which includes the purchase price plus costs and transfer fees. Basis must be tracked because when an asset is

Are You Tax Return Prepared?

By Eric P. Rothenberg, Esq. – In order for you or your preparer to do a good job on your income tax returns, which in turn will reduce the risk of being audited, here are some notions you must keep in mind. The Internal Revenue Service requires individuals to gather the adequate documents that can also help provide answers if their return is selected for an audit or to prepare a response if they receive an IRS notice. There’s a list of tips and facts designed to help you begin planning to file your 2015 income tax returns. Basic Recordkeeping: Identify sources of income. This is one of the least done tax preparations that needs to be done. The IRS’s position is that all income is taxable unless you can prove otherwise. When you get audited, usually two years or more after you have filed, you will not remember what each

Don’t Miss Out on These Year-End Tax Planning Strategies

Now is the ideal time to start year-end tax planning so that credits and deductions can be maximized before the December 31st deadline. Below you will find a variety of tax-saving strategies clients should consider using immediately so that they can get their 2015 tax house in order well in advance of the fast-approaching holiday season. Plan Now for a Bountiful Fall Harvest The last thing clients want to worry about during the holiday season is tax planning. Now is the perfect time to discuss the following tax-saving opportunities with clients so they can implement them in the next few weeks: Check the portfolio to determine which dud stocks can be sold to harvest losses and offset gains – keep in mind that short term losses are the most effective for offsetting capital gains and advisors must wait at least 31 days to buy back that dud stock to avoid

Elder Law: The Importance of Planning

A recent Boston Globe article reveals as many as 60% of Massachusetts nursing homes are finding ways to skirt a 2012 dementia care law intended to prevent deceptive practices. The law requires that facilities advertising dementia care must meet specific criteria including dementia-specific training for staff, specialized activities, and security measures to prevent wandering. This story is just one of many that illustrate how important it is to do your homework and advocate for your loved one through estate planning and long term care planning. Our firm assists clients with all of their elder law concerns. Areas within elder law include: Nursing Home Issues – Sadly, as our population ages, we see increased cases of abuse, neglect, and exploitation in nursing homes. An elder law attorney can help secure return of assets in a case of financial exploitation or recover damages for injuries resulting from neglect or abuse. Medical Directives

Articles

Three facts about estate planning in Massachusetts that you should know

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Are You Tax Return Prepared?

Don’t Miss Out on These Year-End Tax Planning Strategies

Elder Law: The Importance of Planning

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© 2025 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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Articles

Three facts about estate planning in Massachusetts that you should know

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Are You Tax Return Prepared?

Don’t Miss Out on These Year-End Tax Planning Strategies

Elder Law: The Importance of Planning

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How Can We Help?

© 2025 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?