The Blog of Attorney Boyd K. Johnson
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Joel A. Schoenmeyer, a Chicago-area attorney, is publishing a series of excellent blog posts regarding implications of the estate tax law changes on his Death and Taxes Blog. These posts are helpful primers for understanding what is going on this year.
The series is entitled, “5 Things You Need to Know About the Estate Tax in 2010” and the posts he has published so far are linked below:
Updated on 1/27/2010
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Almost no one thought it would ever happen when 2009 began, but, as scheduled, the federal estate tax has been repealed beginning today (1/1/2010). Essentially the exclusion amount is now unlimited and the tax rate is 0%. As a result, those dying in 2010 may transfer at death an unlimited amount of property tax free.
Keep in mind, however, that Minnesota’s estate tax remains in force. Just like last year, if the decedent was a resident of Minnesota, a Minnesota estate tax return must be filed if the gross estate is $1 million or more. The same is true if a decedent is not a resident of Minnesota but held Minnesota sitused property.
As these changes filter down to the public, Minnesota estate planning attorneys will need to take extra care to educate their clients that Minnesota’s estate tax has not disappeared. There is likely to be confusion.
Additionally, attorneys will want to watch how this plays out in Congress this year. There is a good chance that Congress will act soon and repeal the repeal on the federal estate tax for 2010.
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