The new Minnesota gift tax included gifts made in the last three years from the date of death. Non-residents of Minnesota who own "pass-through" entities that have personal or real property in Minnesota will be subject to Minnesota estate tax. This includes trusts, LLC's, and S-corporations that are in the decedent's estate. The Qualified Farm/Small Business interest for estate tax for small business and farm families has had many of the technical issues fixed allowing trusts and some other entities to qualify for the extra $4,000,000 exemption.
Highlights for Estate and Gift Taxes
• $1,000,000 MN Gift Tax exemption
• 10 % rate and a three year look back on gifts for estate purposes
• Qualified business interest issues have been changed
• New 9.85 % income tax bracket for income over $150,000 single filers $250,000 joint filers, $125,000 for estates
If you have any questions or wish to schedule a free consultation, please contact me at your convenience.
