The current federal exemption amount for gifts and estates is $5.25 million (which is indexed for inflation). Minnesota now is one of two states that have a state level gift tax (with Connecticut being the other state). If you make lifetime gifts in excess of $1,000,000, you will be subject to a gift tax at a rate of 10%. In addition, upon your death Minnesota has an estate tax on estates of more than $1,000,000. The estate tax rate is between 41% and 16% depending upon the size of the estate. Depending upon the needs and ages of your children and your current individual and business asset needs, you may want to give annual gift tax exclusion amounts to each of your children (currently $14,000 per person) which may reduce your estate at death.
Upsize on Tap: The scoop on M&A
Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
