THE MALDEN ADVOCATE–Friday, November 8, 2024 Page 19 SEASON | FROM PAGE 12 out the years; however, he will “really miss all of the seniors” on the team. Fellow coach Michael Nicholson explained that this year they have “had an awesome group of kids who have supported the coaching staff and [are] always doing their best to help new kids.” However, as many coaches feel, Nicholson noted that he is “excited to see what they do with their lives, they’re going to do so much.” Looking to next year, sometimes this thought might be scary for teams that have graduating seniors. For reassurance, Harding urged the team to “stay consistent no matter what,” and Retotal affi rmed that the team needs to “always keep pushing even when things get tough.” Zeng is hopeful for the team next year when he has departed; he expressed, “I have no doubt in my mind the underclassmen will become better runners and better leaders than we all are, but honestly I just want to see this amazing team environment stay the same way.” Harding off ered a little piece of advice: to “keep working over the summer and always be running and improving yourself” and “It is always crucial for off-season work to be put in by athletes in order to perform in-season.” This team cannot be more thankful for the wonderful group of seniors, as well as captains, they have had. Now, the seniors are eager for what the future has in store for each of them. 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Under the prior law, if the descedent had a gross estate of $1,750,000 and then gave away $800,000 prior to dying, then the federal gross estate would be reduced to $950,000. Although the remaining gross estate of $950,000 was less than the $1million filing threshold, the $800,000 in gifts would reduce the filing threshold to $200,000 ($1million minus $800,000). The $200,000 became the adjusted filing threshold. Since the remaining gross estate of $950,000 exceeds the $200,000, an estate tax return would have to be fi led. The good news is that only the remaining gross estate of $950,000 would have been subject to the Massachusetts estate tax. The bad news was that all of the $950,000 would have been subject to the estate tax based upon the tax table found in the IRS instructions for the computation of the state death tax credit found in Table B of the Form 706 fi ling instructions (1999 Revision), the basis of how the Massachusetts estate tax is calculated to this day. NEW MASS ESTATE TAX EXEMPTION AND FILING THRESHOLD The new Massachusetts estate tax provisions eliminate this adjusted filing threshold dilemma. As long as the gross estate is less than $2million, no estate tax return is required to be fi led, irrespective of any gifts made prior to death. Furthermore, if the gross estate is $3million, the fi rst $2million is totally tax free. The Massachusetts estate tax on $2million is $99,600. Our state legislature has provided for a maximum tax credit equal to exactly $99,600. Therefore, only the gross estate in excess of $2million is subject to estate tax in Massachusetts. Granted, the beginning tax bracket will be 8%. As an example of how to apply the new Mass estate tax, assume a decedent has an estate valued at $3million. He gives away $1.1million prior to death leaving him with a gross estate at death of $1,900,000. Since $1,900,000 is less than $2million, there is no Massachusetts estate tax return necessary to be fi led. Taxpayers should at least realize that it might very well make sense to make a completed gift of bank account monies, for example, to children or to certain irrevocable trusts in order to remove such assets from the taxable estate. With bank accounts, we are not concerned with achieving the so-called stepup in cost basis equal to the date of death value, as we would be concerned with appreciated assets such as real estate or a stock portfolio. In fact, any asset that has not appreciated in value could be given away prior to death to minimize or eliminate the Mass estate tax. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. Call $ $ $ $
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