What are Death Taxes?
What are death taxes?
There is a lot of talk in the media about death taxes. Death taxes are a type of transfer tax called the estate tax or the inheritance tax. The Federal government has an Estate Tax. Some states also have an estate tax. Some state's have an inheritance tax.
These taxes are just taxes that are due on your stuff when you die. For the vast majority of people these are nothing to worry about.
In Minnesota (and under Federal law), you must transfer millions for these to affect you. If you are one of the families that might have to pay this tax, there are ways to work around it.
For more information, contact me or an estate planning attorney.
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