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Minnesota Estate Tax Rules

  Minnesota imposes an estate tax at death on the assets of anyone who, at the time of his or her death, either (i) was a Minnesota resident or (ii) owned real estate or business assets physically located in the State of Minnesota. The key points about Minnesota estate taxes are as follows:

Utilizing a Tax Savings Trust for Married Clients

In order to minimize the incidence of Minnesota estate taxes following the death of the surviving spouse, a married couple residing in Minnesota who own assets in excess of $2.1M should include specific provisions in their estate plan during their joint lifetimes. Through the creation of a “Tax Savings Trust” following the first death between […]

The Step Up In the Income Tax Cost Basis

Under federal income tax law, a capital gains income tax is imposed on the difference between the price for which an investment is sold and the price for which the investment was originally purchased. For example, if Joe purchases a stock for $10, then sells it at $110, Joe will owe a capital gains tax […]

Tax Impact of Lifetime Gifts under Minnesota Estate Tax Laws

As I have summarized here [link], Minnesota imposes an estate tax on assets when a Minnesota resident, or a non-resident holding property located in MN, dies with assets in excess of the exemption amount.  The exemption amount is $2.1M for individuals who die in 2017, $2.4M for individuals who die in 2018, and $2.7M for […]