There is a saying about death and taxes being the only things that are certain in this world. Sadly, it is very true. Taxes do not end at one's death either, as beneficiaries may have to deal with paying inheritance and estate taxes on anything that is passed on to them. Gifting property or other significant assets to beneficiaries is done with love and good intentions; however, if certain precautions are not taken when setting up an estate plan, whether one resides in Massachusetts or elsewhere, those items which are intended to be gifts may end up being more of a burden.
Thankfully, in the state of Massachusetts, most estates are not considered taxable. State law requires that an estate or asset be valued at over $1 million before it is taxable. Those that are taxable are subject to a tax of 15 to 25 percent, which is not a small chunk of change.