With the federal estate tax beginning for estates in excess of $5.4 million, most families no longer concern themselves with avoiding the imposition of this tax. However, Minnesota residences or non-residences with Minnesota property still face Minnesota taxes for estates that exceed $1.6 million. Do not assume that estate planning is no longer necessary simply because of the size of the federal exemption. There are a number of planning opportunities for families to avoid or minimize Minnesota estate tax.
For more information on Estate Taxes and Estate Planning, contact Steve Fink at Farrish Johnson Law Office.
This webpage contains general information and not legal advice. It is based on Minnesota law in effect at the time of writing. An attorney at Farrish Johnson can advise you about how the law applies to your specific situation.