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At Melchert Hubert Sjodin, PLLP, we help businesses, municipalities, organizations, individuals and families resolve challenges and move forward with their goals. We have a wide range of experience in many areas of the law, but our niche is creating a trusted relationship with our clients and delivering solutions that make a difference.
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Estate and Gift Tax Laws
A new Minnesota law has recently been passed increasing the Minnesota estate tax exemption. Under this new law, effective 2018 and thereafter, the exemption amount will be $2,000,000. The exemption level is phased in over the next few years, with the exemption amount at $1,200,000 in 2014, $1,400,000 in 2015, $1,600,000 in 2016, and $1,800,000 in 2017.
The current estate tax law includes a provision requiring gifts made three years prior to death to be brought back into the estate for the purpose of calculating estate taxes. Gifts brought back into the estate do not include annual exclusion gifts. The annual exclusion amount for 2014 is $14,000 per person. If you are considering making gifts in excess of the annual exclusion in any given year, we recommend that you review a plan for making such gifts with our estate planning attorneys.
In 2013, a Minnesota law was passed implementing a gift tax effective for transfers occurring on or after July 1, 2013. This gift tax law was repealed retroactive to July 1, 2013. The net effect is that Minnesota no longer has a gift tax.
If you would like to discuss the effect of the new gift, estate and income tax laws in more detail, please contact an attorney in our Estate Planning Group.
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