The legislature votes to raise the state estate tax exemption over the objection of the governor.
Only 18 states and the District of Columbia currently have an estate tax or inheritance tax. Minnesota, which is one of the states, recently voted to raise the state’s estate tax exemption, according to Forbes in “Minnesota Weakens Estate Tax Retroactive to January 1.”
As part of a budget bill, the legislators included a gradual rise of the estate tax exemption in the state.
They had previously attempted to pass a budget that included raising the exemption to the federal estate tax level, but that budget was vetoed by the Democratic governor.
The new budget does not go quite that far in raising the exemption. However, the governor still has objections to it, which he expressed in a letter.
Nevertheless, he declined to veto the bill and signed it into law.
The governor is still asking the legislature to undo the exemption raise in an upcoming special session.
Do You Need To Speak With An Attorney About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.
