December 7, 2017

While Congress has not yet sent a tax bill to the President's desk, both the House and Senate have passed their own versions of a sweeping tax reform bill that has implications for many estates. This article explores the changes to the federal estate tax, gift tax, capitals gains tax, and steps you should take to review your estate plan. 

Estate Tax Repeal - Maybe

The tax bills passed by the House and Senate immediately dou...

October 19, 2017

If the farm land is owned by two separate trusts, under the current law, one of the trusts must lose the Ag Homestead Classification for all the farm land owned by that trust - disqualifying the farmer from using one of the biggest estate tax breaks available for family farms.

June 1, 2017

The tax bill includes changes to the estate tax. These changes increase the overall estate tax exemption from $2 million (currently being phased in and would be completely phased in next year) to $3 million over a four year period.

February 13, 2017

On January 1, 2017, both the Minnesota and federal estate tax exemptions were updated for decedents dying in 2017. The federal estate and gift tax exemption is $5.49 million per individual (up from $5.45 million in 2016). The Minnesota estate tax exemption is $1.8 million per individual. Minnesota has no gift tax (though gifts made within three years of death can be included in the gross estate). While the federal estate tax i...

September 30, 2016

"Death Taxes" Defined.

The term "death taxes" refers to taxes that are imposed by the federal and some state governments (Minnesota included) on someone's estate upon their death. For federal and Minnesota purposes, the term refers only to estate taxes. Some states also have an inheritance tax which is different from the estate tax. Whereas the estate tax is levied based on the size of a person's estate, an inheritance tax is i...

May 23, 2016

As part of the omnibus tax bill, HF 848, passed by the Minnesota legislature over the weekend, the legislature has directed the commissioner of revenue to review the estate tax’s definition of qualified farm property and its linkage to the property tax classification of the property during the three-year period following the death of the decedent. The commissioner is to issue a report to the legislature by February 1, 201...