Coffee with Claire #11 – Commonly Asked Questions Blog Series
March 14, 2018
Will I have to Pay Estate/Death Taxes?Writer’s note: This blog series is meant to act as responses to “quick” questions you may have for attorneys. Think of these answers as a “quick” answer you might receive over coffee from your friendly neighborhood attorney.
If you’re asking me instead of the person you’ve hired to manage your money, the “quick” answer is probably not. The 2018 Minnesota estate tax is currently set at $2.4 million for individuals. Meaning, if your gross estate (all of your assets combined) are less than $2.4 million, you don’t have to pay Minnesota estate tax. This tax is set to increase again in 2019 to $2.7 million, and again in 2020 to $3 million.
The federal estate tax limit is even higher. In 2018 the federal estate tax is set at $11.2 million for individuals. As of the new tax bill which was recently passed in December 2017, the federal estate tax will increase with inflation each year until 2025.
So, the short answer is probably not. If your individual assets are greater than $2.4 million or $11.2 million, you should absolutely be consulting with financial advisors, tax professionals, and attorneys to determine how best to handle your estate.
If you have questions about taxes with your estate, please contact Claire Tralle to set up a free initial telephone call.
The information in the Coffee with Claire series are intended to provide information only. No legal advice is being provided or implied via this blog post. No attorney-client relationship is formed by providing this information. An attorney-client relationship with Tralle Law, LLC is formed only after a retainer contact is signed by all parties.
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