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Massachusetts Millionaire’s Tax Seminar
Date: June 15, 2023 Time: 4:30 pm - 7:00 pm
Cost: This event is being offered as a free education session.
Woburn, MA 01801
In November, 2022 Massachusetts voters approved a constitutional amendment in which Massachusetts residents who earn more than $1 million each year will begin paying a new tax. The new tax imposes an additional 4% state income tax on that portion of annual taxable income in excess of $1 million. Revenues from the tax will be used for public education, public colleges and public universities, as well as for the repair and maintenance of infrastructure. Join us for a lively panel discussion with industry experts discussing what effects the new MA Millionaire’s Tax will have as well as strategies to mitigate the effect of the higher tax rate.
Presenters
Patrick is a Director in the firm’s Trusts and Estates Department. Patrick focuses on wealth transfer, philanthropic and business succession planning for family offices and high-net worth individuals, including private equity and venture capital principals, real estate developers, private and public company executives, tech entrepreneurs and business owners. Patrick has extensive experience with advanced aspects of New Hampshire’s favorable trust laws, including the formation and administration of private trust companies, private non-charitable and charitable foundations, asset protection trusts, directed trusts, purpose trusts, dynasty trusts, and quiet trusts, as well as advising trustees on the use of decantings, non-judicial settlement agreements, and trustee modifications.
Adam DoVale has over 10 years of experience in state and local tax (SALT). He works with clients from a broad range of industries including software/software as a service, computer hardware, manufacturing/retail, telecommunications, asset management, banking and financial services, biotech, pharmaceuticals, healthcare and life sciences. Adam’s practice focuses on compliance and consulting projects relating to state and local tax matters involving income/franchise taxes, sales/use taxes, property taxes, unclaimed property filings and other miscellaneous taxes . His practice also includes projects aimed at identifying and mitigating state/local tax exposures such as audit assistance/representation, nexus studies, tax matrices, state/local tax process reviews, sales tax system implementations (Avalara/Vertex), private ruling requests, voluntary disclosures/amnesty programs, and state/local tax reverse audits.
Mike has over 20 years of experience in tax practice. He specializes in providing customized income tax and estate planning solutions for sophisticated individuals. Mike has tailored his practice to work with founders and substantial shareholders of closely held companies, private equity managing directors, executives at public companies, and high net worth family groups. Mike’s experience allows him to integrate tax planning for founders and executives that is complimentary to their businesses. Mike helps individuals and families navigate sales of closely held companies, plan for equity compensation events, as well as design and implement tax efficient wealth transfer and philanthropic strategies. Mike works closely with clients to help them understand their annual income tax obligations and plan their cash flow accordingly.
Todd works with ultra-high net worth families, helping them to design and implement wealth strategies that reflect their values and goals. He helps families and individuals to create multi-generational structures for managing their wealth, fulfilling their philanthropic visions, and optimizing tax effects. In addition, he reviews their trust agreements and other estate planning documents to ensure that the documents align with their planning objectives. Before joining UBS, Todd was general counsel of Perspecta Trust. He previously was a partner in Cleveland, Waters and Bass and earlier served as president of Cambridge Trust Company of New Hampshire and a senior vice president of Cambridge Trust Company. Before that, he practiced trust and tax law with Cleveland, Waters and Bass.