THE REVERE ADVOCATE – FRIDAY, NOVEMBER 15, 2024 Page 17 AUTOMATIC ESTATE TAX LIEN F or anyone dying owning real estate in MassachuNotice is hereby given in accordance with the provisions of Chapter 185 of the Acts of 1983, Public Hearing: 1. Amend Schedule VIII of Title 10 – Parking Restriction Generally by adding: “No Parking on Right Hand Side of the Road” 24 hours a day, 7 days a week 2. Amend Schedule VIII of Title 10 – Parking Restriction Generally by adding: “No Parking on Right Hand Side of the Road” 3. Amend Schedule VIII of Title 10 – Parking Restrictions Generally by adding: Location Direction From To Way Way Type Parking Three Hour Parking No Parking Parking Area Side From To Way Time of Towing No Parking 5. Amend Schedule XI of Title 10 Handicapped Person Parking by adding: Attest: Christopher Ciaramella - Chairman of the Traffic Commission November 15, 2024 setts at the time of his or her death, there is an automatic estate tax lien imposed by the Commonwealth of Massachusetts. There are essentially two ways to release this lien. If the gross estate is less than $2million, no Massachusetts estate tax return needs to be fi led. In such a case, an Estate Tax Affi davit would need to be executed by the person in possession of the real estate or the Personal Representative of the estate in accordance with Massachusetts General Laws Chapter 65C, Section 14, certifying that the value of the gross estate does not necessitate the fi ling of an estate tax return. The Estate Tax Affi davit needs to be notarized and recorded at the registry of deeds where the real estate is located. If the decedent’s gross estate is over $2million, then a Massachusetts estate tax return, Form M-706, needs to be filed with the estate tax bureau. Once the estate tax is paid and the return is accepted as fi led, the estate tax bureau will issue an estate tax closing letter and a Certifi cate Releasing the Automatic Estate Tax Lien. The Certifi cate will then be recorded at the appropriate registry of deeds. This will serve to release the automatic estate tax lien. Furthermore, a certifi ed copy of the decedent’s death certifi - cate will need to be recorded at the appropriate registry of deeds where any and all real estate is located. This puts notice to all interested third parties that the decedent has passed away and therefore is no longer a title holder. It should also be noted that according to Mass General Laws Chapter 65C, Section 14(a), the lien stays with the real estate for ten years, unless released sooner by the recording of the Estate Tax Affi - davit or the Certifi cate Releasing the Massachusetts Estate Tax Lien. The Estate Tax Affi davit, as introduced by the Massachusetts legislature, applies to decedents dying on or after January 1, 1997. The Estate Tax Affi davit will also state that the gross estate of the decedent does not necessitate the fi ling of a federal estate tax return. Currently, the federal estate tax exemption is $13.6million. Very few estates are subject to a federal estate tax. There is a much greater likelihood of the Tax Cuts and Jobs Act of 2017 being extended beyond January 1, 2026 if the Republicans end up controlling the House of Representatives. As of this writing, they already control the Presidency and the Senate. The federal estate tax exemption will drop to approximately $6million on January 1, 2026 if the tax provisions enacted in 2017 are not extended. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com BUYER1 Callejas, Quino A REAL ESTATE TRANSACTIONS SELLER1 BUYER2 Quino, Amanda K Kmdt T SELLER2 Merrill, Darren C ADDRESS 652 Park Ave DATE PRICE 10.21.24 650000 Revere
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