Planning with the Massachusetts Millionaires Tax

Planning with the Massachusetts Millionaires Tax - Fiduciary Trust

This article explores a few planning ideas to potentially decrease the impact of the Massachusetts Millionaires Tax which went into effect in 2023.

Massachusetts Millionaires Tax FAQs Updated for 2024 - KLR

Through a constitutional amendment effective January 1, 2023, known as the Fair Share Amendment, the tax rate on MA residents with income over ...

Massachusetts Millionaire Tax: Mitigating the Impact - Brighton Jones

Who is impacted by the Massachusetts millionaire tax? · #1 Spread out your income · #2 Exchange properties in a 1031 Exchange · #3 Leverage an ...

MA Millionaires Tax: Strategies to Consider

For existing irrevocable trusts with multiple beneficiaries, income can be spread out, with each beneficiary having a separate trust and filing ...

Navigating the Massachusetts Millionaire's Tax: Implications for High ...

For HNWIs with real estate in Massachusetts and other states, the Millionaire's Tax introduces complex considerations for tax planning and ...

Generations Fall 2023 - Massachusetts Releases Millionaires Tax ...

For tax years beginning on or after January 1, 2023, Massachusetts taxpayers will be required to pay an additional 4 percent surtax on net income in excess of ...

Best Practices for Massachusetts "Millionaires Tax" Planning in 2023

Best Practices for Massachusetts "Millionaires Tax". Planning in 2023. By: William A. Morgan. On November 8, 2022, Massachusetts voters approved an amendment ...

Massachusetts Estate Tax Law Changes – Millionaire's Tax ...

Beginning January 1, 2023, the Millionaire's Tax imposed an additional 4% surtax on a Massachusetts tax filer's return reporting income in ...

How the "Millionaires Tax" Impacts Estate Planning in Massachusetts

The tax (officially an amendment to Article 44 of the state's Constitution) was approved by voters in November 2022, and imposes an additional 4 ...

Here's what the 'Millionaire's Tax' is paying for in the new Mass. budget

Those are just some of the programs and initiatives that will benefit from the $1.3 billion in funding from Massachusetts' “Millonaire's Tax” ...

Planning for the Massachusetts 'Millionaires Tax' - Morgan Lewis

The new Massachusetts “Millionaires Tax” imposes an additional 4% income tax on the portion of annual taxable income in excess of $1 million ...

Massachusetts Millionaire's Income Tax - Complete Guide

Millionaire's Tax Avoidance Planning: Fortunately, for most taxpayers, the Massachusetts millionaire tax is completely avoidable with proper ...

Six strategies to limit the Massachusetts millionaires tax and others ...

Massachusetts taxpayers who earn more than $1 million in a year will face a total tax rate of 9% on the portion of their income that exceeds the threshold.

Massachusetts Provides Clarity Regarding Millionaires Tax

Starting with the 2023 tax year, certain Massachusetts taxpayers are required to pay a 4% surtax on taxable income in excess of $1 million.

The Massachusetts Millionaires Tax - McLane Middleton

Massachusetts voters have approved a ballot initiative known as the “Millionaires Tax.” It amends the Massachusetts Constitution to impose ...

Planning for the Massachusetts Millionaire Tax—Individuals and ...

There are three main strategies to minimize or avoid the additional tax. These strategies should be considered in planning for both individuals and trusts.

Changes to Massachusetts Estate and Income Taxes | Insights

Substantial changes to the Massachusetts estate tax, capital gains tax and the Massachusetts Millionaires Tax recently became law.

The Millionaires Tax Comes to Massachusetts | SSB LLC

On Election Day, November 8, 2022, Massachusetts voters approved Ballot Question 1, the so-called Millionaires Tax by a close margin.

Planning for The Millionaire's Tax - Not Just for Massachusetts?

In November of 2022, the voters of Massachusetts approved a new 4% tax on state residents with annual income over $1 million, ...

Massachusetts Millionaires Tax Passes

Since this additional tax begins January 1, 2023, there are some planning opportunities to consider before year-end 2022. These should be considered in addition ...