The Minnesota legislature recently enacted legislation that impacts estate planning. Two of the more interesting new laws include:
- A prohibition of using the location of a taxpayer’s attorney in determining the residency of a tax payer and
- The tax bill raises Minnesota’s estate tax exemption to $2.1 million for 2017 (retroactive to January 1) and an additional $300,000 each year until it hits $3 million in 2010.
Unfortunately, one proposal we closely watched failed to make the cut: Allowing married farm couples to retain agricultural homestead status despite splinting their property into two trusts.
If you have questions about this new legislation or other estate planning concerns, please contact Steve Fink at 507-625-2525.