"Where Fillmore County News Comes First"
Online Edition
Saturday, May 25th, 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]
30
Should consumers have to pay sales tax on online purchases?
I keep hearing the estate tax won't change for next year. What's going on?
Wed, Dec 8th, 2010
Posted in Ask the Expert
Posted in Ask the Expert
Comments
There are two types of estate tax, state and federal. In Minnesota, estate tax is imposed on estates exceeding $1 million. Taxable estates include all property, even property not transferred by a will, including life insurance and retirement benefits.
The federal estate tax also allows for an exemption, but the amount of that exemption has changed year to year. In the past few years, the exemption increased from $1 million to $3.5 million. Through a quirk in the law, there's no estate tax this year. However, the law that increased the exemption is set to expire this year. Without action by Congress, the exemption will return to $1 million. Congress hasn't acted. Through their inaction, there will be an automatic change in the exemption.
If your estate is nearing $1 million, you should talk to a licensed attorney about your options so that you can transfer property without unintended tax consequences.
This column is for informational purposes only and no attorney-client relationship is established. If you require legal assistance you should contact a licensed attorney.
The federal estate tax also allows for an exemption, but the amount of that exemption has changed year to year. In the past few years, the exemption increased from $1 million to $3.5 million. Through a quirk in the law, there's no estate tax this year. However, the law that increased the exemption is set to expire this year. Without action by Congress, the exemption will return to $1 million. Congress hasn't acted. Through their inaction, there will be an automatic change in the exemption.
If your estate is nearing $1 million, you should talk to a licensed attorney about your options so that you can transfer property without unintended tax consequences.
This column is for informational purposes only and no attorney-client relationship is established. If you require legal assistance you should contact a licensed attorney.
No Comments Yet. Be the first to comment!
