Archive for April 26, 2016

Where’s the Check for My Inheritance?

Wooden dice with question marks on it over white background

The checks for your inheritance may come in partial payments over many months, be tied up for years in a trust, or come within weeks. Or, there may be nothing left for you to inherit.

Much of the timing of the disbursement of your inheritance depends on the type and value of the deceased’s assets, the creditor claims against those assets, whether probate is required, and whether the deceased wanted your inheritance to be distributed outright to you or tied up in a trust for some period of time. » Read more..

Historical Estate Tax Perspective

Tax TimeThe dollar value of assets that can be owned by a Minnesotan at death without incurring federal or Minnesota estate taxes has changed significantly over the past several years.

Thus, many Minnesotans will not owe any Minnesota estate taxes, and fewer still will owe a federal estate tax.

The exclusion from federal estate taxes for a person dying in 2017 is $5,490,000. As recently as 1997, the exclusion was $600,000.  In 2001, the exclusion from federal estate taxes was $675,000. » Read more..