Planning Readiness Scorecard
A go / no-go checklist for the structures that actually move the needle — and the state-specific traps (Massachusetts’ lack of portability, Minnesota & New York’s 3-year gift lookback) that catch unprepared estates.
Estate Plan Readiness Scorecard — Calculation Summary
| Input / parameter | Value |
|---|---|
| State | Massachusetts |
| Married | Yes |
| Checklist items completed | 0 of 7 |
| Result | |
| Readiness score | 0/100 — Significant gaps — act now |
| Items still needed | Valid last will & testament (or a trust acting as will substitute); Durable power of attorney + healthcare proxy; Revocable living trust created AND funded (assets retitled into it); Married: portability elected OR a credit-shelter / bypass trust in place; Beneficiary designations reviewed (retirement, life, bank/brokerage); Irrevocable life insurance trust (ILIT) if life insurance is material; Plan to use step-up in basis for low-basis assets |
Source: Estate planning checklist based on common state-law requirements; not a tax calculation.
This is an informal planning estimate only, not legal or tax advice. Confirm all figures with the IRS, your state Department of Revenue, or a licensed estate attorney or CPA before relying on them.
Before you are “ready”: Valid last will & testament (or a trust acting as will substitute); Durable power of attorney + healthcare proxy; Revocable living trust created AND funded (assets retitled into it); Married: portability elected OR a credit-shelter / bypass trust in place; Beneficiary designations reviewed (retirement, life, bank/brokerage); Irrevocable life insurance trust (ILIT) if life insurance is material; Plan to use step-up in basis for low-basis assets.
Massachusetts specifics: Massachusetts has NO estate-tax portability. If married, a credit-shelter (bypass) trust — not portability — protects both $2M exemptions. Relying on portability alone leaves the first spouse’s exemption unused.
This scorecard checks planning structure, not tax math. It is an educational checklist, not legal advice. Engage a licensed estate attorney or CPA for documents tailored to your state.
Estate planning readiness: common questions
Run the next number
Most people run a second calculator before they decide. These pair with the one above.