The tax overhaul has been much lauded, but outside of tax lawyers and accountants, not much detail has been widely published. For estate planning purposes, there are only a couple of points that Minnesotans may be personally interested in.
These dollar amounts are notable:
- The annual gift allowed without having to file a tax return: $15,000.00. It is best to document the gift, specifying who is the giver and who is the recipient.
- Total lifetime amount that can be gifted by one person to one person: $11.2 million
- Federal estate tax threshold: $11.2 million
- Minnesota estate tax threshold: $2.4 million
Keep in mind, the numbers above are purely for tax purposes. There are other reasons why you would act now to "hide" assets for economic efficiencies are to effectuate your estate goals. If you have a question on those options, costs, or reasons to act now with your estate planning, I am here to answer your questions and help you do what you want to do with your assets.
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