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It appears that the Biden Administration attempt to pass the 99.5% Act has failed. While there still may be future attempts, it appears the exemption would not fall back more than the current legislation’s 2026 level. We will explore the latest legislation known as the Tax Cuts and Jobs Act of 2018 which introduced a variety of new planning opportunities – it is all about the basis. Massachusetts, however, continues to limit its exemption to $1,000,000, although there has been some legislation reintroduced to Beacon Hill to increase this exemption to $2,000,000 – stay tuned. In this program, we will guide you through the proper preparation of federal and state estate tax returns, as well as any necessary gift tax returns, including a discussion of the pros and cons of the portability election and how it works, the QTIP election for the state, and even the potential benefits of a federal QTIP election, coupled with gifting assets flush with basis by the surviving spouse to reduce the future Massachusetts estate tax.  Finally, we will explore the recent Supreme Judicial Court decision in the Schaffer case showing how not making a federal QTIP election, even without gifting by the surviving spouse, could lower the estate tax of the surviving spouse.

Using a hypothetical example we will guide you through schedule by schedule the preparation of a federal and Massachusetts estate tax return along with an explanation of the different estate planning techniques you may encounter when preparing these returns as well as whether they are included in the estate or not, such as revocable trusts, irrevocable life insurance trusts, first and second to die variety, Medicaid income only trusts, limited liability companies, and much more with special attention paid to a joint trust and the application of § 1014(e) to the trust and the possible double step-up in basis through a combination of the federal QTIP election and portability.  So, sharpen your pencil and come to this hypothetical-packed session ready to “do the math.”

Live Conference

Date:  TUESDAY, June 6th, 2023

Time:  9:00 AM – 1:00 PM

Location:  Marriott Courtyard Natick

Address:  342 Speen Street Natick, MA

Speaker: Todd E. Lutsky, Esq., LL.M., Cushing & Dolan, P.C., Waltham

CPE Credits:  4