Massachusetts Affidavit Regarding Federal Estate Taxes is a legal document used in the state of Massachusetts to certify that the estate of a deceased person is not subject to federal estate taxes. There are two types of Massachusetts Affidavit Regarding Federal Estate Taxes: the Short Form Affidavit and the Long Form Affidavit. The Short Form Affidavit is used when the estate is not subject to federal estate tax due to the applicable exclusion amount, or if the estate's gross value is below the federal estate tax threshold. The Long Form Affidavit is required for estates with a gross value greater than the federal estate tax threshold. This form requires the estate executor to provide detailed information about the estate, such as the names of heirs or beneficiaries, the values of each asset, and other relevant financial information. Both forms must be signed by the estate executor and a qualified witness, such as an attorney or a notary public. The completed affidavit must be filed with the Massachusetts Department of Revenue within nine months of the date of death.
Massachusetts Affidavit Regarding Federal Estate Taxes
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A Massachusetts small estate affidavit is a legal document used to present a claim on the estate or part of the estate of a deceased loved one. The petitioner, or affiant, must provide detailed information about the estate, the property in question, the decedent, and any other potential heirs.
The estate tax, sometimes also called the "death tax," is a tax that's levied on a deceased person's assets. In 2023, the federal estate tax ranges from rates of 18% to 40% and generally only applies to assets over $12.92 million. In 2022, the exemption was $12.06 million.
2023 Massachusetts estate tax filing threshold = $1 million. It is not indexed for inflation. Once the threshold is met, a Massachusetts estate tax return must be filed (Form M-706). The estate tax rate is a graduated rate that starts at 0.8% and caps out at 16%.
Massachusetts does not have an inheritance tax. If you're inheriting money from someone who lived out of state, though, check the local laws. In Kentucky, all in-state property is subject to the inheritance tax, regardless of where the heir lives. Massachusetts also does not have its own gift tax.
The affidavits are prepared by the personal representative of the estate, any person in actual or constructive possession of any real property of the decedent or by some person acting on his or her behalf. The affidavits are filed in the Registry of Deeds for the county in which the real property is located.
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This means, if the value of an estate exceeds the $1 million threshold, anything above $40,000 will be taxed. Massachusetts uses a graduated tax rate, which ranges between 0.8% and a maximum of 16%. Your estate will only attract the 0% tax rate if it's valued at $40,000 and below.
For example, the estate tax on a $2 million estate would be $103,920. This is approximately 10.4% of the portion over $1 million, but is only 5.2% of the entire value of the estate. This is still a significant tax, but does not approach the highest rate of 16%.