Inheritance Unplanned: The Unexpected Impact of Taxes on Families
Estate taxes are a complex and frequently misunderstood part of financial planning that can significantly impact the inheritance process. The federal estate tax gets a lot of press but there are some states that also have their own estate/inheritance tax that are separate and additional taxes to federal estate tax. A recent legislative change in Massachusetts notably doubled the estate-tax exemption threshold from $1 million to $2 million, accentuating the dynamic nature of estate taxation and emphasizing the critical need for staying abreast of these laws that can significantly differ across states.