What Types of Taxes Are Imposed on Minnesota Estates, Beneficiaries, and Gift Donors? Minnesota Estate Tax There is no inheritance tax in Minnesota, as stated by the Department of Revenue. Beneficiaries of an estate are not required to pay taxes on what they inherit. However, Minnesota does impose an estate tax, which is a tax […]
The reality and finality of death is uncomfortable to think about. However, people need to plan for death, unless they want to leave their families a mess instead of a blessing. In a family-owned business, this is especially vital, according to a recent article, “All in the Family—Transition Strategies for Family Businesses” from Bloomberg Law. The family business
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There’s a saying in estate planning circles that the only people who pay estate taxes are those who don’t plan not to pay estate taxes. While this doesn’t cover every situation, there is a lot of truth to it. A recent article from Financial Advisorentitled “Estate Planning In This Particular Time of Uncertainty” offers strategies and estate planning techniques to
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In Minnesota, we’re the home of Bob Dylan and high taxes. It used to be that everyone expected to pay an estate tax, often called an “inheritance tax”, when they died. But in recent years, estate tax exemptions (meaning the amount you can transfer under the threshold of getting taxed) have increased significantly. An estate
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Like Bill Murray waking up every morning to another Groundhogs Day, I hear some version of the same question almost daily. My clients want to know, “Should I give my home (or cabin or farm) to my kids now to so I don’t lose it to the nursing home?” The answer, as is the case
Gifting to Kids? You May Want to Look Upstream. Read More »
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