It’s time to update your personal financial statement, and possibly your Estate Plan. The Minnesota Legislature enacted an estate tax bill which increased the State exemptions from Minnesota Estate Taxes. It does not match the Federal Estate Tax Exemption, is much higher – $5,490,000 per person in 2017 – but here are the new Minnesota Estate Tax Exemptions, per person:
2017 – $2,100,000; 2018 – $2,400,000; 2019 – $2,700,000; and 2020 – $3,000,000.
The new exemptions are currently the law of the land, but could change if Governor Dayton calls a Special Session and is successful at reversing the law. Here is an article I found In Forbes, which contains further information.