Massachusetts Estate Planning Lawyer

Estate Taxes and Federal Exemptions

Currently, the Federal estate tax exemption is set at two million dollars. This means that each individual is able to pass up to two million dollars of assets to heirs upon death - estate tax free. At Fitzpatrick and Associates, P.C., we work with families with moderate to significant assets to create a plan that minimizes estate tax liability. Contact our Tewksbury estate planning attorney to schedule a free initial consultation.

• Federal Estate Tax Exemption: The government only taxes estates in excess of the current two million dollar exemption.
• Massachusetts Exemption: If you die and have less than one million there is no state death tax.
• Gift Tax Exemption: Each individual is able to gift up to one million dollars to family or friends during a lifetime without facing gift tax penalties.
• The $12,000 Annual Gift Tax Exclusion: Each individual is able to pass up to twelve thousand dollars of assets to family or friends each year without facing gift tax penalties

Minimizing your Taxable Estate

Our Massachusetts estate planning law firm works creatively and meticulously with clients to minimize tax liability. We move clients' assets into trusts to lessen the estate size when the need for administration finally arises. Our Tewksbury estate planning attorney is able to explain to clients the process for transferring assets, re-titling assets, and estate minimizing.

Contact Fitzpatrick and Associates, P.C.

Fitzpatrick and Associates, P.C., understands that the estate administration process can be very expensive for families with substantial taxable assets. We help our clients to plan for these eventualities. For assistance minimizing your estate tax liability, contact our Massachusetts estate planning lawyer today. We are knowledgeable about the Federal exemptions and how they can be used to your benefit.