ThinkAdvisor cited a Morgan Lewis LawFlash by partner Sara Wells, of counsel Laura Lerner, and associate Matthew Tudino in an article about the Massachusetts estate tax exemption being raised from $1 million to $2 million, including retroactively to January 1, 2023, for individuals who died on or after that date. The article points to insights from Sara, Laura, and Matthew, who noted that because the law was enacted on October 4, 2023, the Massachusetts Department of Revenue has not yet released revised estate tax forms and instructions.
Drawing from the LawFlash, the article notes: “If an estate tax return for an individual who died this year has already been filed, a refund request should be filed based on the new $2 million exemption.” For estate tax returns due in the weeks and months ahead, “it may be prudent to file an extension while the Department of Revenue works on issuing revised forms.”