Minnetonka, MN (PRWEB) May 01, 2014
In the midst of a brutal Minnesota winter, Chaffee & Associates has noticed a ray of hope relating to estate and gift tax. Noticeably positive changes have occurred regarding Minnesota’s estate and gift tax and Chaffee & Associates wants to spread the word.
Chaffee & Associates is an independent company located in Minnetonka, MN, that strives to help individuals, business owners, and families nationwide with finance and wealth management, estate planning and business transition support. One of their areas of practice includes estate and gift tax, and with the positive changes, the Chaffee & Associates team looks forward to a brighter future for their clients.
Prior to March 21, 2014, Minnesotans were limited to $1,000,000 in making gifts while alive. If the $1,000,000 was exceeded, then a 10 percent tax would be imposed. This was disproportionate to the Federal Exemption of $5,340,000 that would be gifted while living.
However, this was repealed. The $1,000,000 limit and the 10 percent tax were eliminated, and is retroactive to June 30, 2013. A point of caution: if the gift is made within three years of death, it will be included in the deceased estate.
Also, the estate tax exclusion at death of $1,000,000 per person is being increased over time.
Year Minnesota Exclusion Amount
This means, if a married couple dies after 2017, they will have $4,000,000 ($2,000,000 each) excluded from the Minnesota Estate Tax. The rate in excess of the excludable amount will range from 9-16 percent.
For the past 10 years, there has been virtually no change in the Minnesota Estate Tax law.
Since 2012, the Federal exclusion has risen from $5,000,000 per person to $5,340,000 per person. Minnesota residents can now use some of the Federal Exclusion without incurring a Minnesota Gift tax.
To learn more about Chaffee & Associates and the many beneficial changes of Minnesota's estate and gift tax, visit http://www.callc.com/.
<br>About the company:<br>Chaffee & Associates LLC is a privately-owned, independent company that specializes in helping individuals, business owners, and families with wealth management, estate planning and business transition. Located in Minnetonka, MN, Chaffee & Associates serves clients nationwide. With more than 100 years of combined experience in the firm, they believe great ideas should not be difficult to understand. Richard J. Chaffee Jr. is committed to providing clients with a holistic approach to wealth strategy and the creation of family financial legacies. He works closely with his clients’ team of advisors to help ensure that the family legacy plan is executed, integrated, monitored, and achieves the clients’ goals and values. Visit their website for more information: http://www.callc.com/.
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