If you live in Massachusetts or might someday move there, there may be good news on the horizon about the estate tax. State Representative Shawn Dooley has submitted a proposal to reduce the state’s estate tax.
The story was reported by the Sun Chronicle in “Attleboro area state rep proposes cut in Mass. estate tax.”
The proposal would achieve its goal by doubling the current estate tax exemption. While Rep. Dooley acknowledges that the state would lose revenue from the estate tax, he believes that cutting the estate tax would encourage more elderly people to stay in Massachusetts and thereby increase the state’s revenue from other taxes.
Even if you do not live in Massachusetts, let this serve as a wakeup call. States do have estate taxes that you need to account for in your estate plan.
