Minnesota Estate Tax Planning Lawyer | Burnsville and Minnetonka

An estate tax is a tax paid by beneficiaries on assets they inherit. Minnesota does not have an estate tax. It does, however, have an estate tax. An estate tax is levied on the estate of someone who dies, before the assets in the estate are distributed to the heirs and other beneficiaries.

Do you have questions or concerns regarding estate taxes or inheritance tax planning? Please contact G. Martin Johnson, Ltd., Attorney at Law, in Burnsville and Minnetonka for a complimentary consultation with an experienced tax lawyer. We welcome your call.

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There are several things to consider in estate tax planning, including:

• An estate worth more than $800,000.00 must file an estate tax return and may be subject to Minnesota and federal estate taxes
• The estate pays state taxes in the state where the deceased person lived; if he or she lived in more than one state, the estate taxes may be owed to multiple state
• Heirs and beneficiaries may have to pay income taxes on inherited IRAs and annuities, if those assets were acquired by the deceased with pre-tax dollars
• Choosing the tax year in which an estate is settled is important
• A surviving spouse has a right to inherit an unlimited amount of assets tax-free

Will or No will?

Whether someone dies with a will (testate) or without a will (intestate) makes a big difference in probate. If there is no will, the State of Minnesota will essentially create one and divide assets among the members of the immediate family or hold them until a minor becomes 18 years of age. This can get complicated — and hurtful to your loved ones — when it comes to blended families.

Experience You can Trust

No one likes to think about death and taxes, but with our decades of experience we know how to make tax and estate planning a positive experience. To find out how we can put our experience to work for you, please contact us by phone or e-mail.

Attorney Martin Johnson is available to meet with clients in our Burnsville or Minnetonka law offices on Saturday mornings by appointment when necessary.