We offer tax planning and tax preparation in the following areas:

Massachusetts Estate Tax Planning and Tax Preparation (Form M-706) 

A Personal Representative will need to file a Form M-706: MA Estate Tax return in the following situations. First, whenever the decedent was a resident of Massachusetts and died with an estate worth more than the current exemption. Next, when a non-resident of Massachusetts who owns local property dies with an estate worth more than the exemption. Finally, even if the estate is worth less than the exemption amount, taxable lifetime gifts of the decedent may push the estate value over the exemption.  

You should book a free consultation with us if you believe any of the above applies to you.

Federal Estate Tax (Form 706)

The Federal estate tax exemption is set at 11 million dollars adjusted for inflation. This number affects a very small number of estates. However, some estates should still consider filing a Federal Estate Tax in order to utilize portability. If the exemption is lowered, this ensures that the surviving spouse’s death will not incur any Estate Tax. Click here to learn more about tax planning and tax preparation for portability.

Federal Gift Tax (Form 709) 

The Federal lifetime gift tax exclusion couples with the estate tax exemption (approximately $11,000,000 in 2021). Your estate tax exemption at your death will deduct any lifetime gifts exceeding the annual exclusion amount. In other words, your estate tax exemption equals the exemption amount at the time of your death less your lifetime gifts which exceeded the annual exclusion. Therefore, no tax is owed on any gifts over the annual exclusion amount until you’ve used up all of your lifetime exemption. However, there is still a Form 709 filing requirement in any tax year where you made any gifts to any individuals exceeding the annual exclusion amount. We can guide you through this process and handle the tax preparation of the Form-709 for you.

Income Tax Returns for Trusts & Estates (Form 1041)  

If you are the Trustee of an Irrevocable Trust, or a Revocable Trust that has become Irrevocable after the grantor’s death, and the Trust generated more than $600 in taxable income during the year, then you will have to file a Form 1041 with the IRS and State if there is an applicable income tax.

The same rule applies to any estate of a decedent that generates more than $600 of taxable income during the year. Book a free consultation with Virtual Estate Attorney to discuss tax preparing and filing an income tax return for your Trust or Estate.

Income Tax Returns for Individuals (Form 1040)

We are also happy to prepare and file any personal income tax returns come tax season. We also give consultations on minimizing your income tax exposure with efficient and legal tax planning techniques. Book your free consultation today to discuss income tax planning or preparing and filing your yearly income tax return.