{"id":921,"date":"2019-11-07T16:50:38","date_gmt":"2019-11-07T16:50:38","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=921"},"modified":"2020-07-31T13:25:37","modified_gmt":"2020-07-31T13:25:37","slug":"john-shoro-quoted-in-forbes-irs-announces-higher-estate-and-gift-tax-limits-for-2020","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2019\/11\/07\/john-shoro-quoted-in-forbes-irs-announces-higher-estate-and-gift-tax-limits-for-2020\/","title":{"rendered":"John Shoro Quoted in Forbes\u2019 \u201cIRS Announces Higher Estate and Gift Tax Limits For 2020\u201d"},"content":{"rendered":"<p>The IRS has announced the official estate and gift tax limits for 2020. So what should you consider when doing your estate planning? Bowditch partner John Shoro has some words of advice if you live in one of 17 states and D.C. that have their own estate and\/or inheritance taxes (Massachusetts being one of them).<\/p>\n<p>Says John in the article:<\/p>\n<blockquote><p>\u201cPeople should be more proactive; they\u2019re sitting on their hands because they think they don\u2019t have a problem; while they may not have a federal estate tax problem, they may have a state estate tax problem,\u201d says John Shoro, an estate lawyer with Bowditch &amp; Dewey in Worcester, Mass. Say you\u2019re worth $5 million. The federal estate tax exemption is $11 million. No worries. But the Massachusetts estate tax bill would be $391,600. Give away $2 million, and the tax would be $182,000. Get the idea?<\/p>\n<p>Lastly, don\u2019t make the mistake of giving your kids highly appreciated assets to avoid state estate tax, Shoro warns. Your kids could face a capital gains bill that\u2019s worse than what the tax bill would have been. It\u2019s better to leave those assets in your estate so they get a step-up in basis at your death.<\/p><\/blockquote>\n<p>Continue reading \u201c<a href=\"https:\/\/www.forbes.com\/sites\/ashleaebeling\/2019\/11\/06\/irs-announces-higher-estate-and-gift-tax-limits-for-2020\/#40c3504d2efb\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Announces Higher Estate And Gift Tax Limits For 2020<\/a>\u201d on the\u00a0<em>Forbes<\/em>\u00a0website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS has announced the official estate and gift tax limits for 2020. So what should you consider when doing your estate planning? Bowditch partner John Shoro has some words of advice if you live in one of 17 states and D.C. that have their own estate and\/or inheritance taxes&hellip;<\/p>\n","protected":false},"author":109,"featured_media":620,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[16,53,10],"tags":[32,226,178,21,227],"class_list":["post-921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estates","category-financial","category-taxes","tag-estate-tax","tag-forbes","tag-gift-tax","tag-irs","tag-massachusetts-estate-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>John Shoro Quoted in Forbes\u2019 \u201cIRS Announces Higher Estate and Gift Tax Limits For 2020\u201d - Don\u2019t Tax Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2019\/11\/07\/john-shoro-quoted-in-forbes-irs-announces-higher-estate-and-gift-tax-limits-for-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"John Shoro Quoted in Forbes\u2019 \u201cIRS Announces Higher Estate and Gift Tax Limits For 2020\u201d - Don\u2019t Tax Yourself\" \/>\n<meta property=\"og:description\" content=\"The IRS has announced the official estate and gift tax limits for 2020. 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