Although transfer-on-death (TOD) and payable-on-death (POD) designations on financial accounts can be an effective tool to avoid the probate process, these account designations have the potential to derail a customer’s estate...more
The Tax Reform Act of 2017 (the “Act”) has created an opportunity to transfer to younger generations higher levels of assets than previously allowed by federal tax law without paying federal estate or gift taxes. The window...more
Congress has passed a major tax reform bill and it is expected to be signed into law in the next few days. This bill doubles the federal estate, gift and generation-skipping transfer tax exemptions for transfers occurring in...more
With the end of year approaching, now is the time to consider making gifts to lower your federal and state estate tax liability. That tax liability, however, could change with impending federal tax reform. Regardless of the...more
Recent changes in state and federal tax laws impact same-sex couples and any Massachusetts residents who own real estate in another state. Clients who may be affected by these changes should act soon to protect the...more
IRS issues new proposed rules aimed at eliminating valuation discounts for transfers of interests in family-controlled entities. Clients considering making transfers of interests in such entities should act soon....more