Tags
Certificate Releasing Massachusetts Estate Tax Lien, Department of Revenue, DOR, estate, Estate Tax Closing Letter, estate tax exemption, estate tax exemption amount, Estate Tax Lien, Gross Estate, Inventory of Assets, Massachusetts Estate Tax Lien, Real Estate, Real Property, Registry of Deeds, Taxes
In Massachusetts, real property of a decedent has an estate tax lien assessed that will exist for ten years. So, to sell real property from an estate within ten years, the Department of Revenue needs to release the lien. Additionally, Massachusetts has an estate tax exemption of $1,000,000.00. This exemption amount plays an important role in determining the release of the tax lien. Accordingly, the executor will have to complete the following tasks:
- Complete an Inventory of Assets to determine the gross value of the entire estate using date-of-death values.
- Determine if the gross value of the estate exceeds the estate tax exemption amount of $1,000,000.00.
Once the executor completes valuing the estate, the executor can move on releasing the estate tax lien.
In estate planning, utilizing the life estate agreement is rare, but can be effective in transferring property. Accordingly, the key reasons why people implement the life estate in their estate plans are as follows: 
In common estates, suspect executor behavior will create suspicious beneficiaries. Although the beneficiary may view the executor behavior as suspect, the behavior may not be suspect at all. As described in the article 
The accounting process of an estate is an integral part of the probate process. Although estate law is different in many states, all states allow beneficiaries access to a final accounting. Therefore, an executor of an estate must produce a final accounting to close the estate.
