- Revocable Trust Assets up to $1,000,000 each are not taxed in Massachusetts. The Federal threshold is $5,000,000.
- Planning a Long Term Care Strategy is a critical element for an Estate Plan. 70% of us will need 3 years or more of long term or skilled nursing care at a cost of approximately $300/day (increasing with inflation at approximately 3% per year). Individuals with $250,000 to $2,000,000 in assets are ideal candidates for long term care as their assets will be most at risk from the cost of care. With assets above $2,000,000 you may wish to consider self-funding long term care, but this should be planned in advance.
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