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How do you Calculate the Massachusetts Estate Tax?

First, there’s a difference between the Federal Estate Tax and the Massachusetts Estate Tax.  They’re related but very different.

The Federal Estate Tax for this year applies only to those individuals with assets worth over $5 Million and is taxed at a 35% rate.  The Massachusetts Estate Tax applies to individuals with assets worth over $1 Million and the tax rate varies.  If a person is subject to both the Federal and State tax, then their marginal estate tax rate could be 45% or more.  However, for most individuals who have assets between $1M and $5M, then the tax rate hovers anywhere from 0% to 20%.

For a more comprehensive calculation, see the Department of Revenue site calculations or contact a Massachusetts estate attorney.