TAXES ON ASSETS IN JURISDICTIONS WITH NO ESTATE TAXES -

Since 2001, the Massachusetts Department of Revenue ("DOR") has held that persons in Massachusetts who pass away owning real estate or valuable tangibles located in certain jurisdictions outside the Massachusetts territorial borders must pay Massachusetts estate tax on such property. The jurisdictions in question are states and countries that do not charge an estate tax on such items. Prominent examples of such jurisdictions are New Hampshire and Florida, which,along with more than thirty other U.S. states and many other countries, do not have an estate tax.