2013 Qualified Farm & Small Business Property Estate Tax Exemption

As of July 1, 2011, Minnesota has new exemptions available to families of decedents who die after June 30, 2011, who owned qualified small business or farm property, and pass that property onto a "qualified heir." Small business owners or farmers with taxable estates may elect to have up to $4 million of qualified property excluded from their estate in addition to the $1 million Minnesota Estate Tax exemption. New changes have recently passed and are retroactive to June 30, 2011. We have put out a document (available here) in order to bring the matter to the attention of our clients and communities. Please contact us should you feel these new changes may impact you.