Yes, the MN taxable estate laws are strict. Would you believe Minnesota is 1 of 14 states (including the District of Columbia) that have an estate tax? Personally, this is one of many reasons to move. But, for those that say, consider this.
The taxable estate tax tables change every year. For 2017, the tax exemption amount in Minnesota is $1,800,000, which is moving up to $2,000,000 in the year 2018. For those curious, the federal tax exemption is $5,490,000 per individual for the year 2017.
Whether this impacts your family or not, my point is this: estate plans should be updated. None of us really know what to expect. But I like to be prepared, just in case.
