Cohasset Estate Planning Attorney

Massachusetts taxes estates valued at $2 million or more. This includes the total value of your assets, including your home, retirement accounts, life insurance death benefits, investments, and personal property. What makes the Massachusetts estate tax particularly significant is that it applies to the entire estate once the threshold is crossed, not just the amount over $2 million. Proper planning can reduce or eliminate this tax burden for your family.

If you own more than one property, especially in different states, each property can trigger a separate probate proceeding in its respective state. Placing all of your properties in a revocable living trust avoids probate in every state and keeps the transfer process simple for your family. You can transfer properties into a trust even if they still have mortgages on them. I help Cohasset families structure their plans to handle multiple properties, second homes, and rental properties efficiently.

A revocable living trust gives you full control during your lifetime. You can change it, add to it, or dissolve it at any time. It avoids probate but does not provide asset protection or tax benefits. An irrevocable trust, once established, generally cannot be changed. In exchange, it removes assets from your taxable estate, which can reduce estate taxes and protect those assets from creditors. The right choice depends on your goals, and many families use both types as part of a comprehensive plan.