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Minnesota Estate Taxes - My Client’s Estate Is Below The Federal Exemption, Though, Above The Minnesota Exemption – What Should I Do?
Presentation Scheduled for Monday, October 16, 1:10-2:10 pm
Anticipated CE: 1 MN insurance, 1 CLE Standard & 1 CIMA
Approved CE: 1 CFP, 1 WI insurance, 1 NASBA/CPE
Client legal and tax issues continue to compound with complexity. The complexity is further exacerbated by the divergence between federal and state laws.
This session is to focus on estate tax planning for clients with a net worth that is below the federal estate tax exemption ($5.49M in 2017), though, above the Minnesota estate tax exemption ($1.8M in 2017).
Although the client’s estate may not be subject to the federal estate tax rate of 40%, the Minnesota estate tax rate progresses from 10% to 16%.
Unused federal exemption is allocable (portable) to a surviving spouse. However, unused Minnesota exemption is not allocable.
Hence, proper Minnesota exemption planning may save the client several hundreds of thousands of dollars of Minnesota estate taxes.
In the interest of providing exemplary client service, the goal of this session is to provide you basis of understanding for such issues coupled with a series of pragmatic implementable solutions.
Craig A. Empey, attorney at law, has been assisting clients with such matters since 2005.