The slogan for many with the turn of the year has been “New Year, New Me”. In homage to this phrase, the time has come to address “New Year, New Tax Changes”. Tax changes affect most, if not all, of financial planning and that is why it is important to be conscientious of changes, especially […]
As most know, on December 22, 2017, President Trump signed significant tax changes into law. Known as the “Tax Cuts and Jobs Act”, these changes have a significant reach in virtually every facet of the financial world. Here are a few things to keep a watch on with respect to estate planning. Tax Exemptions: A […]
The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).
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.
Some estates may now be able to obtain an automatic extension of time to make the election to claim the estate tax portability exclusion. The IRS announced a procedure under which estates of decedents dying before January 1, 2014, that fall below the dollar threshold for having to file an estate tax return, yet want to elect […]
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 […]
According to the IRS, same-sex couples who were legally married in a jurisdiction recognizing their marriage will be treated as a married couple for federal tax purposes, regardless of where they currently reside. Revenue Ruling 2013-17 reassures “legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status […]
I wanted to write and let you know the latest on the bill that has made it through both the house and the senate in Minnesota and was signed into law by Governor Dayton on May 23, 2013. Here are the highlights as they apply to income, gift, and estate taxes. There are a number […]
Last week, I was lucky enough to see the cliff up close. Not the fiscal cliff that kept us all riveted (or not) for the month of December, but a beautiful snow covered cliff. And it got me thinking: was the fiscal cliff all much ado about nothing?