Source: https://www.mass.gov/technical-information-release/tir-98-14-release-of-estate-tax-lien-on-real-estate-for-dates-of
Timestamp: 2018-04-20 18:06:22
Document Index: 272390602

Matched Legal Cases: ['§ 14', '§ 2', '§ 6', '§ 2010', '§ 6018', '§ 1', '§ 6']

TIR 98-14: Release of Estate Tax Lien on Real Estate for Dates of Death on or after January 1, 1997 | Mass.gov
General Laws c. 65C, § 14, provides for an estate tax lien for ten years from the date of death on all assets in the decedent's gross estate "unless the tax imposed by this chapter is … paid in full." For dates of death on or after January 1, 1997, the Massachusetts estate tax is imposed only on estates which are required to file a federal estate tax return. G.L. c. 65C, § 2A. Since the Massachusetts estate tax is now based on the credit for state death taxes allowable to the decedent's estate on the federal estate tax return, taxes that would otherwise be paid to the federal government are paid to Massachusetts.
Prior to this recent change in the law, for these dates of death, the Massachusetts estate tax return, Form M-706 or Form M-706NR, was required to be filed in order to obtain a release of lien even if the decedent's gross estate was less than the federal filing requirement and a Massachusetts estate tax return would not otherwise be required. The filing included Form M-792, Certificate Releasing Massachusetts Estate Tax Lien, the $10.00 filing fee, and a copy of the recorded deed or certificate of title that created the decedent's interest.
For purposes of the Massachusetts estate tax, the term "executor" is defined as "the executor or administrator of the decedent, or, if there is no executor or administrator appointed, qualified and acting within the commonwealth, then any person in actual or constructive possession of any property of the decedent." G.L. c. 65C, § 6(a).
Form 706, the United States estate tax return, must be filed with the Internal Revenue Service for estates where the gross estate exceeds the applicable exclusion amount under I.R.C. § 2010(c) in effect as of the decedent's date of death. I.R.C. § 6018. For the estates of decedents dying in 1997, an executor is required to file a federal estate tax return where the gross estate of a decedent, plus adjusted taxable gifts, is $600,000 or more. For estates of decedents dying after 1997, the applicable exclusion amount is scheduled to increase as follows:
An executed copy of the federal estate tax return, Form 706, including all schedules and exhibits, must be filed with the Massachusetts estate tax return, Form M-706 or Form M-706NR. In addition, the executor must submit the form M-792, Certificate Releasing Massachusetts Estate Tax Lien, in triplicate, the $10.00 filing fee, and a copy of the recorded deed or certificate of title that created the decedent's interest.
TIR 98-14
1. The new legislation also eliminated the requirement that an executor obtain a certificate of the Commissioner (Form M.E.C.L., Estate Tax Closing Letter - Notice of Assessment) to secure the Probate Court's allowance of the executor's final probate account. St. 1998, c. 147, § 1, amending G.L. c. 65C, § 6(b). This change applies to estates where the decedent's date of death is on or after January 1, 1997, and is effective as of September 9, 1998.
2006 or thereafter $1,000,000