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Planning for the Massachusetts Millionaire Tax—Individuals and Trusts

On November 8, 2022, Massachusetts voters approved a measure placed on the ballot by initiative petition that amends the state’s Constitution to impose an additional 4% tax on that portion of annual taxable income in excess of $1,000,000 reported on any income tax return. The $1,000,000 figure is to be adjusted annually to reflect any increases in the cost of living. This additional tax becomes effective on January 1, 2023.

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COVID-19: Implications for Personal Planning

Time to Read: 1 minutes Practices: Private Client

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Coronavirus Landing Site

The sudden and unexpected impact of the COVID-19 pandemic has changed our daily lives and has many implications for personal planning. We have been counseling clients about immediate practical concerns as well as refocusing on charitable and estate planning in this new environment.

This newsletter was updated on April 30, 2020 to reflect the passage of legislation in Massachusetts permitting remote notarization and witnessing, and the issuance of CARES Act guidance relating to charitable remainder trusts.

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