Legal Question in Tax Law in Massachusetts

Re: inheritence tax

An inheritance occurs after one dies. Assuming you have a substantial estate you should have an attorney such as myself analyze what you want to do and the tax implications. Any money left to your spouse is not subject to estate taxes, however the amounts up to $700,000 in MA may not be taxes and the federal number is much higher. You should contact an attorney to assist you in achieving exactly what you want to do.

If you are talikng about a gift now, the rules are a bit different.

You can gift $12,000 per year to your son for federal purposes, $24,000 if it is from both you and your spouse.