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Friday, November 21st, 2014
Volume ∞ Issue ∞
 

Did the estate tax change?


By Jennifer Gumbel

Tue, Apr 29th, 2014
Posted in All Ask the Expert

Yes. The laws for Minnesota estate gift tax have changed significantly. For many years, Minnesota’s estate tax exemption was $1 million, with added exemptions for qualified property. About a year ago, Minnesota added a tax on significant gifts.

Now Minnesota has done a 180 degree change. In March, the estate tax exemption was increased to $1.2 million and will increase to $2 million by 2018. The exemptions for qualified property are still available. Additionally the state gift tax was repealed. There is one vestige of the gift tax that remains. When the gift tax was enacted, the estate tax law was amended to include federal taxable gifts made within 3 years of death in the giver’s estate. What do you need to do? If you are nearing a taxable estate or have already done tax planning, you should meet with an attorney to create a plan or review whether the plan still meets your needs. It also highlights an important aspect of planning, to make your plan as flexible as practical to allow for (seemingly ever)changing law. Our office can help you evaluate your estate and potential tax liability and craft solutions to address those concerns.

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