Boots & Badges
Letterwerks Sign City
"Where Fillmore County News Comes First"
Online Edition
Friday, December 9th, 2016
Volume ∞ Issue ∞

Is the State of Minnesota increasing their estate tax exemption?

By Jennifer Gumbel

Fri, Jun 27th, 2014
Posted in All Ask the Expert

Yes. For many years the State of Minnesota had an estate tax exemption of $1 million. That sounds like a lot of money, but with the increase in tillable land prices, many farmers are finding themselves land-millionaires. The problem is that the cash might not be around to pay an estate tax bill so that the family farm can stay together for the next generation. A few years ago, the State enacted an additional qualified family farmland exemption to address this issue, but many farms find they do not meet the limited qualifications. This year, the State increased the estate tax exemption to $1.2 million and, under the new law, will increase to $2 million by 2018. What does all this mean for you? It means that, especially for farmland owners, you need to make an estate plan and you need to make one flexible enough to address changing land prices and changing law. Our office helps guide individuals in making estate plans that meet their specific needs.

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