Share

Minneapolis and St. Paul MN Estate Planning Blog

Sunday, May 26, 2013

Minnesota Gift Tax - Update

MINNESOTA IMPOSES GIFT TAX

On May 20, 2013, the Minnesota Legislature passed the Omnibus Tax Bill, which includes significant changes to Minnesota tax law.  One major change under the Bill is the imposition of a Minnesota-specific Gift Tax effective July 1, 2013.  This new Gift Tax may have wide-ranging impact on Minnesota taxpayers.  If you have been considering making a significant gift (more than the current yearly exemption amount of $14,000 per recipient), you should consult with your advisors in a timely manner. The Bill establishes a 10% tax on gifts and a $100,000 lifetime gifting exemption. This exemption essentially means that a Minnesotan would be able to make $1 million in gifts during his/her lifetime.  However, there would be a requirement to file a gift tax return for any gift above the yearly exemption.  More details to follow.


Archived Posts

2017
2016
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013


Mullen & Guttman PLLC has offices in Edina, MN, St. Michael, MN, & Lake Elmo, MN and provides estate planning services to individuals and families throughout Minneapolis, St. Paul, and the surrounding communities. We provide legal services in the following counties: Hennepin, Ramsey, Dakota, Anoka, Wright, Washington and Carver.



© 2017 Mullen & Guttman PLLC | Disclaimer
6600 France Avenue S., Suite 210, Edina, MN 55435
| Phone: 612-756-7272

Services Overview | Estate Planning | Estate Planning with Wills | Trusts & Estate Planning | Probate / Estate Administration | Cabin Planning | Planning for Children | Estate Planning for LGBT/Non-Traditional Families | Special Needs Planning | Advanced Estate Planning | Estate Tax Planning | Local Counsel | About | Probate | Attorneys

FacebookGoogle+Linked-In Company

Law Firm Website Design by
Zola Creative