Recent MN Tax Changes – Why You Received a Refund from MN

June 16, 2014

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 […]

Estate Planning Myth #2: Death Taxes Only Affect the Super Wealthy

April 8, 2014

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 […]

Changes to Minnesota’s Estate & Gift Tax

March 27, 2014

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.

Governor Dayton’s Estate & Gift Tax Simplification Proposal

March 11, 2014

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.

Gift Splitting

February 25, 2014

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 […]

Make Sure Your Buy-Sell Agreement Is Not Disregarded

February 5, 2014

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 […]

Minnesota Gift Tax Exclusions

January 16, 2014

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. […]

Say What – A New Tax on you in 2013?

January 14, 2014

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.

New Tax & New Opportunities

January 2, 2014

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 […]

10 Items To Remember Heading Into 2014

December 24, 2013

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 […]