"Where Fillmore County News Comes First"
Online Edition
Sunday, May 26th, 2013
Volume ∞ Issue ∞
- 11:44:26, May 21st 2013 - airmaxs52274 - Have you ever thought about adding a little bit more than just your a ... [Read More]
- 5:56:33, May 18th 2013 - modgudur - I guess the child is anti-gun control since Obama went to all that trouble ... [Read More]
- 9:27:41, May 16th 2013 - caal girl - Nice outfit on you. I loved some of the dresses but am holding my breath ... [Read More]
- 2:03:34, May 14th 2013 - - Thanks for sharing the trip with us! ... [Read More]
- 4:12:01, May 9th 2013 - Amanda Ziebell - Wow! Thanks to the Fillmore County Journal for this kind story. For a ... [Read More]
- 11:47:30, May 7th 2013 - EW - ramble.....ramble.....ramble..... ... [Read More]
- 10:25:25, May 7th 2013 - Thunder6 - Great article! I love to see the Youth of Fillmore County receiveing acco ... [Read More]
- 6:52:10, May 6th 2013 - Jason Sethre, Publisher of Fillmore County Journal & Olmsted County Journal - Maryh, ... [Read More]
- 7:29:56, May 5th 2013 - maryh - Where are OCJ's available for pickup...other than at the new office? ... [Read More]
- 2:41:47, May 3rd 2013 - Remark1976 - Mrs. Buckbee, I just looked up Senate File 796 and in it there are said p ... [Read More]
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