Year-End Update: Estate & Gift Tax Exemptions

The United States has taxed the estates of decedents since 1916, and gifts since 1924, with tax rates and exemption levels that have varied greatly over the last two decades.  Massachusetts is one of several states in the country that has a state estate tax.  As we approach year end, I thought it would be helpful to outline some key forms and current thresholds relating to estate & gift tax.

Filing Your Gift Tax Return Late? Here's Why You Shouldn't

We all do our best to file tax returns on time. But when the deadline is approaching and we’re all so busy, we might think, “There’s no tax, so what’s the harm. I’ll just get it done when I can”. Sounds reasonable, right?