Estate Tax Planning
Both Minnesota and the federal government collect estate tax on eligible estates. Generally, this means that if the value of an estate is over a certain amount then the value of the estate over that amount is subject to estate tax. This number above which estates are taxed is called the estate tax exemption. Both Minnesota and the federal government have estate tax exemptions. Under current law they are not the same. Both federal and Minnesota estate tax exemptions tend to fluctuate year-to-year. Taking advantage of, and planning around, these exemptions can result in significant tax savings which will preserve for the heirs of the estate a greater amount of value.
Contact us to arrange an appointment to speak to one of our lawyers about estate tax planning.
*This material is educational only, it does not constitute legal advice, it should not be relied on and it does not create an attorney-client relationship.