2017 August

Minnesota estate tax updates

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When a person dies, his or assets (known as the person’s “estate”) may be subject to tax if they exceed certain value limits.   This type of tax is known as an “estate tax.”  There is a federal estate tax that applies estates with a value over $5.49 million (the current value limit as of 2017).  That means estates with a value of less than $5.49 million would pay no federal estate tax.

In addition to the federal estate tax, Minnesota is one of a handful of U.S. states impose their own estate taxes on its residents […]