First Time In 20 Years Massachusetts Revises Estate Tax Law

On October 4, 2023, Massachusetts Governor Maura Healey signed sweeping tax changes into law. One of the most important of these changes was to the Commonwealth’s estate tax exemption. Historically, the exemption amount was one of the lowest in the country ($1M/ per estate). The new law raises that amount to ($2M/ per estate) and is retroactive to January 1, 2023.

Another change as to the calculation of the amount of estate tax, is that now only the amounts “exceeding” the $2M level will be taxed, unlike before when the calculation began with “dollar #1” if the exemption was pierced by any amount.

The new law, however, is not “portable” between spouses like the federal estate tax law, nor is the new Massachusetts estate tax law indexed for inflation.  ( * Other tax changes should be reviewed by your tax accountant or advisor).

If you have any questions about this new law, please feel free to call our Trust & Estate  Attorneys.

This article is for informational and educational purposes and is not intended to be legal advice. You should consult legal counsel to assess the legal issues specific to your case. 

Photo of Brian Champion in a dark suit in a law office

Brian L. Champion

Brian L. Champion is admitted to practice in the state and federal courts of Maine, New Hampshire, Massachusetts, and the District of Columbia in Washington D.C.  He is also admitted to The First Circuit Court of Appeals and The United States Supreme Court. Trusts & Estates:  Mr. Champion believes that the caring for one’s family… Read more »