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The IRS issued the following estate and gift tax adjustments for 2026:

• Federal Gift Tax Annual Exclusion: An individual may now give up to $19,000.00 per year, per recipient, without using any of the individual’s lifetime estate tax exemption amount. A married couple is entitled to gift up to $38,000.00 each year to any child, grandchild, or other recipient without reporting the gift to the IRS.
• Additional gifts in excess of the $19,000.00 annual exclusion are permitted for contributions to 529 education plans and specific education and health costs paid directly to an educational institution or health care provider.
• Federal Lifetime Exemption from Gift and Estate Tax:  The total amount that an individual may gift during their life or pass to their heirs at death before incurring a federal gift or estate tax liability is $15 million in 2026. The lifetime exemption for a married couple is $30 million.

The Massachusetts estate tax filing threshold is $2.0 million.  Massachusetts does not impose a tax on gifts.

1. Find the decedent’s will, trust and other estate planning documents.
   Sometimes this is easy-and sometimes it’s not. Contact the decedent’s attorney as the firm may have the original or a copy of the documents. Look in desks and filing cabinets (home and office), fireproof boxes, and anywhere else the deceased person was likely to store important documents.
2. Notify the post office, utility companies, credit card companies, banks, and other businesses of the death.
3. Notify the Social Security Administration and any agencies from which the deceased person was receiving benefits.
   You can call the Social Security Administration at 800-772-1213. The more quickly you do this, the more quickly direct deposits (or checks) will be stopped, and you won’t have to worry about returning payments to which you’re not entitled.
4. Inventory all assets and, if necessary, have valuable ones appraised.
   You’ll need a thorough inventory if you conduct a probate court proceeding or if an
   estate tax return is required. In any case, it will help you keep track of valuables and
   determine whether or not the estate will owe state or federal estate tax.
5. Determine whether or not probate is necessary; if it is, contact an attorney to assist you with the process.
   To make this determination, you will need to prepare an itemized list of the assets owned by the decedent at the time of death, making specific note of how the property was titled (jointly, with a designated beneficiary, in trust, etc.)
6. If there’s a living trust, work with the successor trustee to coordinate bill-paying, property management, and other tasks.
   A living trust is like a will in that property is administered and distributed for the benefit of specific beneficiaries. The significant difference is that trust property is not required to go through court supervised probate. If the deceased person left both a will and a living trust, as many people do, you should work closely with the trustee of the trust.
7. Notify beneficiaries named in the will or people entitled to inherit under state law.
   A court, or a lawyer, can help you with this. If the estate goes through probate, you are required to send very particular kinds of notices to a certain group of people. Whether or not there’s a court proceeding, it’s always a good idea to be in regular communication with beneficiaries.
8. Take care of estate assets until you turn them over to the beneficiaries.
   This is a key part of a personal representative’s job. You must keep real estate well maintained, small valuables secure, and everything of value insured. Keep investments safe-the goal is to avoid losing money, not to reap big returns.
9. Get beneficiaries’ input on and consent to important decisions such as selling assets or changing investments.
   Beneficiaries can grow unhappy-or suspicious of wrongdoing-when they aren’t kept in the loop about what’s going on with the estate. Even if nothing is going to happen for a while, let them know you’re moving ahead as fast as you can to get them their
   inheritance. Don’t surprise them with big moves like selling real estate-if they think you’re incompetent or dishonest, they can go to court and try to have you removed.
10. Collect money owed to the estate-for example, final wages or insurance benefits.
    This will take some time to fill out paperwork and make phone calls. You can deposit the money you collect in the estate bank account.
11. File final income tax returns for the deceased person.
    You’ll need to file income tax returns for the deceased person and possibly for the estate. The deceased person’s tax preparer can be a big help here.
12. Determine if the estate is subject to state or federal estate taxes and file any required returns.
13. Pay the debts of the decedent.
    You’re responsible for paying legitimate bills, as long as there is enough money in the estate to pay them. You are not required to pay the deceased person’s debts out of your own pocket.
14. Distribute the assets.
    When the debts and taxes are paid, when the probate (if any) is closed, your last job is to distribute property to the people who inherit it under the will.