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Estate tax planning helps preserve your assets for your heirs and the causes that are important to you. When you understand how estate taxes are calculated and what will likely be owed on your estate, you can prepare yourself for these costs and not be surprised later.
There are two sets of estate taxes in place at the moment: Minnesota Estate Tax and federal estate tax. If the value of your estate reaches a certain level, it may incur taxes (commonly called death taxes) both in Minnesota and at the federal level.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.