The effort to make Minnesota’s personal exemption from estate tax the same as the federal exemption, which is 5.49M per person and 10.980M for couples failed. The federal exemption is “portable” between spouses. Unfortunately, Minnesota’s exemption is not. It is important, especially for farmers, to keep an eye on these exemptions.
The Greater Minnesota Study group, of which Pat is a member, also worked a bill through the legislature to clarify what trusts can be created without going awry of the ag homestead. Regrettably, their bill did not survive the last conference session. They believe they're going to get this passed in the upcoming session. Because Minnesota has 87 counties, there is disparate treatment of this issue and it deserves cleaning up.
The Greater Minnesota Study group is a cadre of out-state Minnesota attorneys who actively meet on a monthly basis and act as a forum for members to ask questions, promote legislation and otherwise try to keep up on the heady topics of Wills, Trusts, Medicaid planning, farm and business planning for outstate clients.
This past session the Minnesota legislature increased our estate tax exemptions PER PERSON to the following:
2017 – 2.1 Million
2018 – 2.4 Million
2019 – 2.7 Million
2020 – 3 Million