On Friday, March 21, 2014, Governor Mark Dayton signed a bill that approved significant tax cuts for Minnesotans and Minnesota businesses. 

Included in this bill was the elimination of the Minnesota Gift Tax that became effective in 2013. 

Also included in the bill was a major change to Minnesota’s Estate Tax.  The bill provides that the Minnesota Estate Tax exemption amount for an individual will rise from $1,000,000 per person to:

$1,200,000 for estates of Minnesotans dying in 2014;

$1,400,000 for estates of Minnesotans dying in 2015;

$1,600,000 for estates of Minnesotans dying in 2016;

$1,800,000 for estates of Minnesotans dying in 2017; and

$2,000,000 for estates of Minnesotans dying in 2018.

This is the first major change to the Minnesota Estate Tax exemption amount in ten years. 

More details to follow. 

You should consult with a qualified estate planning attorney to determine if and how the recent gift and estate tax law changes impact your own estate planning needs and goals. 

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