"Where Fillmore County News Comes First"
Online Edition
Thursday, June 20th, 2013
Volume ∞ Issue ∞
- 8:58:04, Jun 18th 2013 - cabraden1 - I salute you Colonel Overland. Your were my c.o. at Rockville Naval Air ... [Read More]
- 7:10:46, Jun 13th 2013 - chipperlee - Seems to be a well written article, except maybe Silica Sand is used in ... [Read More]
- 12:02:15, Jun 9th 2013 - getthefacts - The problem here lies in the fact that girls were repeatedly told "if y ... [Read More]
- 10:45:32, Jun 7th 2013 - Jo mom for 6yrs - Mr. Ehler hit the nail on the head. I agree with the religious con ... [Read More]
- 2:47:58, Jun 7th 2013 - hello - Hello, it's time you wake up. There isn't a community nearby that doesn't offe ... [Read More]
- 9:06:21, Jun 6th 2013 - hello - Hello, it's time you wake up. There isn't a community nearby that doesn't offe ... [Read More]
- 2:05:29, Jun 6th 2013 - Kim Wentworth - The number one rule in a debate: 1) if the person from the opposite si ... [Read More]
- 12:42:18, Jun 4th 2013 - EW - For someone that is always spouting religious rhetoric, you try to come off as a ... [Read More]
- 11:32:18, May 31st 2013 - JO PLAYER - This is unfair to us girls. Morrie Miller is not getting canceled but J ... [Read More]
- 8:25:34, May 29th 2013 - RP - Why is Mr. Ehler involving himself with non-school activities? Is he going after ... [Read More]
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Do you think the use of all fireworks should be legal in the state of Minnesota for all consumers?
Will the death tax kill me?
Fri, Feb 4th, 2011
Posted in Ask the Expert
Posted in Ask the Expert
Comments
Jennifer A. Gumbel
As part of the 2010 Tax Cut Compromise, the President and Congress agreed to put some certainty back into estate planning. The federal estate tax exemption increased over the past few years, with a full repeal of the tax in 2010. However, a sunset provision in the tax code meant the tax was set to return in 2011, with the exemption going back to $1 million. That created some uncertainty for estate planners.
However, the recent compromise brought back some certainty. The exemption for the next two years is $5 million at a maximum rate of 35%. However, the compromise also has a sunset provision, which means in two years the exemption will go back to $1 million.
Even if the federal exemption becomes set long term, that doesn't mean you're in the clear if your estate is approaching $1 million. Minnesota's estate tax exemption has been $1 million for many years and there is no talk of an increase. If your estate is nearing $1 million (and remember that your taxable estate includes most life insurance), speak with an experienced estate planning attorney.
Springer & Gumbel, P.A.
141 W. Fillmore St., Preston, MN
Phone (507) 765-3600
However, the recent compromise brought back some certainty. The exemption for the next two years is $5 million at a maximum rate of 35%. However, the compromise also has a sunset provision, which means in two years the exemption will go back to $1 million.
Even if the federal exemption becomes set long term, that doesn't mean you're in the clear if your estate is approaching $1 million. Minnesota's estate tax exemption has been $1 million for many years and there is no talk of an increase. If your estate is nearing $1 million (and remember that your taxable estate includes most life insurance), speak with an experienced estate planning attorney.
Springer & Gumbel, P.A.
141 W. Fillmore St., Preston, MN
Phone (507) 765-3600
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