Q Is there any way to avoid or reduce estate taxes, the “death tax”?
Yes, there are multiple ways to avoid or reduce estate taxes, commonly referred to as the “death tax”. In Minnesota, estates smaller than $1 million dollars, including life insurance, are not subject to the death tax. Estates larger than $1 million dollars, including the value of life insurance, are subject to the death tax. One simple way to double the $1 million dollar exemption is if you are married and use a special kind of trust. However, few people take advantage of this. If you would like to avoid or reduce the death tax, give us call at 763-420-5087 to schedule a free consultation to discuss protecting what matters most to you.