If you are like me, you recently received a second tax refund from the State of Minnesota. Right before that, you also received a letter explaining that you were about to receive the refund and what it was for. If you are not up to speed with the latest Minnesota tax law, you may not […]
Many clients are familiar with the gift tax exclusion and understand that their small gifts (even to organizations that are not tax-exempt) will not be subject to gift tax. Where there tends to be confusion is around the concepts of what is a taxable gift and what is not, and valuation of the gift. These […]
One wonderful thing about the first session of the 113th Congress was its efforts to enact a taxing scheme allowing an exemption from estate taxes for those with less than $5 million (indexed to inflation), and making permanent the concept of portability. These codified changes taken together mean that married couples with a combined net […]
Late last week Governor Dayton signed into law a $440 million tax cut package aimed to put “more money in the pockets of Minnesota families and businesses.” Included in the package are changes meant to simplify Minnesota’s estate and gift tax law. The simplification of the estate and gift tax law is budgeted to save Minnesotans $43 million.
Last week, Governor Dayton issued proposed tax cuts of $616 Million. The tax cuts are aimed at middle class Minnesotans and businesses. The proposed tax cuts include simplifying the state estate tax and eliminating the state gift tax. The estate and gift tax proposals would yield $43 Million in tax relief for Minnesotans.
We talk often about the use of gifting as an estate planning tool but always caution that individuals should consult with an attorney and/or an accountant before doing so to ensure it is done properly. It is particularly important to consult with an attorney or an accountant when a married couple wishes to make a […]
We try to encourage people to not only plan for the transfer of their personal assets but also to plan for the transfer of their businesses – either in life or at death. Buy-Sell Agreements are beneficial documents when drafting a succession plan for a business. It is however important to ensure that the buy-sell […]
I recently mentioned some issues to consider before transferring certain assets, primarily with regards to the MN estate and gift taxes. While we want you to be cautious before making any transfers, we do want to ensure individuals are aware that there are certain transfers that are excluded from being taxable gifts under Minnesota law. […]
Yup – there is a new tax in town for 2013 and it can add up quick. You can get hit in two ways: (1) additional Medicare payroll tax and/or (2) new Medicare contribution tax on unearned income. Let’s take a look at the taxes individually.
Well, it’s that time of the year again. And by that I mean that its tax planning season! I don’t know about you, but I get pretty pumped about it. This year has been fun for our firm. The fun factor increase is mostly a result of our clients seeing stronger results in 2013 than […]
There are a few items we wanted to remind you about as we wrap up the end of the year and look towards 2014. In no particular order they are: 1. Don’t forget that Minnesota has a gift tax! This gift tax applies to anything given over $1 million in a person’s lifetime (excluding gifts […]