Does Minnesota have a separate estate tax from the Federal Estate Tax?
Minneapolis, MN estate planning attorney Cameron R. Kelly talks about estate taxes in the state of Minnesota.
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Minnesota does have its own tax so that federal tax level is around five and a half million dollars so most people don’t reach it. the Minnesota level is much lower, it’s around two million dollars and counting life insurance and all of your other assets if you are over two million dollars when you pass away you would get taxed on everything over and above that amount.
So where the federal amount is pretty hard to hit, we see a lot of our clients are over the Minnesota exemption amount and would have taxable estates if they were to pass away today.