Go to navigation Go to content
Phone: (763) 420-5087
Roulet Law Firm, P.A.

Forbes: Don't Die in Minnesota


Blog Category:
2/4/2013
Comments (0)

Forbes: Don't Die in Minnesota

Forbes recently published an article entitled “Where Not to Die in 2013”. Not surprisingly, Minnesota made the list. The list is based on those states that have a separate estate and/or inheritance tax.

Now that the federal estate tax only applies to those who die with more than $5.25 million in assets (as of 2013 and indexed for inflation), many people mistakenly believe they no longer need to worry about the estate tax. However, Minnesota is one of only 21 states that have a separate estate or inheritance tax, and it applies to much smaller estates.

In Minnesota, estates over $1 million dollars in total assets are subject to the estate tax. For many families with life insurance in place to take care of their children in the event of their death, their life insurance alone causes them to have a taxable estate – without even considering the value of their home, 401(k)s, IRAs and other assets.  However, if you plan ahead, you can minimize or possibly even avoid the state death tax.

To read more about this, click here.

If you need help planning your estate, give us a call today at 763-420-5087.



Category: Advanced Estate Planning


There are no comments.

Post a comment

Post a Comment to "Forbes: Don't Die in Minnesota"

To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."

Name:*

Email:* (will not be published)

Message:*

Notify me of follow-up comments via email.