The 2015 list of the 10 least friendly states with death taxes is out and as no surprise Minnesota came in fourth. Even with the minor changes made by last year's legislators, Minnesota continues high taxes on the dead which the inheritors get to pay. There is significant distance between Minnesota's estate-tax threshold and the federal exemption of $5.43 million in assets. There are sixteen states and the District of Columbia that impose an estate tax. There are a growing number of states that are increasing their estate-tax exemptions more so to discourage retirees from moving to more tax-friendly states.
If one can believe some of the legislation introduced this year is it possible that Minnesota may adopt the federal estate exemptions. They may even pass legislation to have the annual tax forms match the federal which would save hours of state tax preparation.
Kent Rees
Emily
