Effective tax and estate planning often includes a plan for charitable giving. We help families and high net worth individuals develop charitable planned giving strategies. For assistance and counsel on establishing a charitable plan, please contact our attorneys in...
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What You Need to Know About the Massachusetts Millionaires Tax
On November 8, 2022, Massachusetts voted to amend its state constitution and authorize the “Millionaires Tax”. As a result, Massachusetts taxpayers who receive more than $1 million in taxable income in a year will be subject to an additional 4% tax on income in excess...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
Overview On November 2, 2017, in an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act and increased the federal unified gift and estate tax exemption (“federal exemption” or “exemption”) from $5.49 million to $11.18 million and...
Thinking of Establishing a Florida Residence or Domicile? Be Informed of Massachusetts Laws to Achieve Your Goals
Individuals usually choose to become Floridians to take advantage of Florida’s favorable asset protection policies or to remove themselves from income or estate tax liability in their current state of residency. To avoid taxation in the Commonwealth of Massachusetts,...
Anticipated Changes Affecting Estate Planning & Gifting
Effective January 1, 2023, both the Lifetime Federal Estate and Gift Tax Exemption and Annual Gift Tax Exclusion Amounts are expected to increase. This change presents an opportunity to capitalize on the historically high Estate and Gift Tax Exemption amounts and to...
What’s So Great about GRATs?
An Effective Wealth Transfer Tool If you want to efficiently transfer wealth using little to none of your federal estate and gift tax exemption and you have an investment that you anticipate generating at least a modest rate of return on investment[1], then you should...
Relief from IRS: Portability of Lifetime Tax Exemption Extended
There is good news for those who may have missed a federal portability election. The Internal Revenue Service (IRS) has extended the deadline for electing portability of a deceased individual’s unused estate tax exclusion amount. Effective July 8, 2022, the deadline...
Watch the final of the Spring 2022 Radio Entrepreneurs Family Business Association (FBA) Panel Discussion as Attorney Stephen Wilchins and the panel talk about “Turning Chaos into Stability and Profitability – Transitioning During Chaotic Times” Part 3
https://www.youtube.com/embed/4Q2MSyP6hjY Watch part three, the final in a series of Radio Entrepreneurs Family Business Association (FBA) Spring 2022 Panel series. Get insight into how to effectively transition one’s business during chaotic times from WCN Attorney...
Qualified Stock for the Closely Held Business
Federal Tax Benefits for C Corporations It would be amazing to have hindsight when initiating a business. Imagine being able to foresee the result of the business enterprise before it was started. Think of how that would influence your decision-making! We do not have...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
Overview In an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act on November 2, 2017, and increased the federal estate and gift tax exemption from $5.49 million to $11.18 million. Subsequent inflationary adjustments have increased...
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