Unique Estate Law is not only what we do, it’s who we are. Literally. And we know everyone’s estate planning needs are different, too. So, whether the recent changes in the Minnesota estate tax law will impact your unique estate plan would depend on your individual finances and circumstances.
Here, customized estate planning is a four-step process that generally takes place over a 3-to-4-week period. It begins with an initial consultation, progresses through a plan design meeting and then a review meeting. Finally, a signing ceremony takes place. Despite comprehensive, personalized planning, laws and circumstances sometimes change and modifications may be indicated.
A skilled estate planning lawyer should be experienced in both basic and advanced estate planning so they can advise clients with respect to planning for any federal and/or state estate taxes. Many strategies exist that can reduce or eliminate death taxes.
Recently, Gov. Dayton reportedly reluctantly signed into law –as part of $650 million in tax cuts in the new state budget—a retroactive increase in the estate tax exemption, raising it from $1.8 million to $2.1 million as of January 1, 2017. The exemption will continue to rise each year until it hits $3 million in 2020.
As the exemption level rises, estate tax revenue drops and over time the decrease could make it easier for lawmakers to recommend cutting the estate tax completely—something that many other states have already done. Governor Dayton criticized the estate tax cut for only helping “the super wealthy to avoid paying their fair share of taxes”. He has reportedly asked legislators “to cancel the scheduled estate tax increase in a second special session.”
If you are in need of an estate plan, or have an existing estate plan which may need modifications, or have questions on how the new estate tax increase might impact your estate plan, Unique Estate Law can help. Call us at 952-260-2043 for a free 15-minute consultation. From our offices in Bloomington and Minneapolis, we represent clients throughout Minnesota including St. Louis Park, Edina, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park.