Massachusetts Complex Will - Maximum Unified Credit to Spouse
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2023, c. 50. The new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million.
Each spouse may only shield up to $1 million from estate taxes. When the first spouse dies, the marital deduction means that the surviving spouse doesn't have to pay estate taxes.
UNIFIED CREDIT AMOUNT: If your and your spouse's combined estimated estate value is below the unified credit exemption amount, currently $2 million, the marital deduction is enough to prevent any estate taxes at the federal level.
You can avoid the estate tax in Massachusetts if you do not own any tangible property in the state in your own name. However, as mentioned above, transferring a property in Massachusetts into a revocable living trust does not remove that property from your taxable estate.
Massachusetts has an unlimited marital deduction. DOR Directive 95-1. Any amount that passes to spouse is not subject to estate tax.
Spouses are always exempt from paying inheritance tax, and immediate family members like children, parents are often exempt are as well.
The unlimited marital deduction is a provision in the US estate tax law that allows a married individual to transfer an unlimited amount of assets to their spouse, both during life and at death, without incurring any federal estate or gift taxes.
The spouse exemption is unlimited if neither of the spouses or civil partners is UK domiciled or if a non-UK domiciled individual makes gifts to a UK domiciled spouse or civil partner. However, the spouse exemption is capped when a UK domiciled individual gives assets to a non-UK domiciled spouse or civil partner.