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Are your Key Documents Up to Date?

By Kevin Lanigan, Carlson Estate Planning | April 29, 2013

Estate attorneys were relieved when Congress finally agreed to a long-term resolution of the amount of the federal estate tax exemption. Finally, after a decade of not knowing what would happen to federal estate taxes, lawmakers settled the matter when the American Taxpayer Relief Act of 2012 became law.  As a reminder, the estate-tax exclusion, was set to revert to $1 million per person (from the 2012 level of $5.12 million), and the top estate-tax rate was due to rise to 55 percent from 35 percent.  With the enactment of the new law, the basic exclusion amount will “permanently” remain at $5.12 million and will adjust higher with inflation in the future, and the tax rate will increase to 40 percent. While the federal estate tax now has a diminished impact, Minnesota’s estate tax exclusion remains fixed at only $1...

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