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Some propose raising the threshold of the estate tax exemption

The issue of the estate tax has come to the forefront of American politics lately, as the government looks to revamp U.S. tax laws. Therefore, it is important for people in Saint Paul and across the nation to have a basic understanding of what the estate tax does and who it affects.

Estate tax serves an important role, but may not affect many

Many people in Minnesota may have heard of the estate tax but may not have a very good understanding of it. In essence, the estate tax is the tax the federal government levies on your assets when they are transferred to your heirs upon your death. However, for the most part, it only affects the wealthy, as it only applies to the part of a person's estate that amounts to more than $5.49 million. Nevertheless, the federal estate tax is a significant component of our nation's revenue. Therefore, it is important to understand how it works.

Don't put off estate planning while awaiting tax reform

President Donald Trump and the United States Congress have made proposals for tax reform, including the possibility of reforming the estate tax. Currently, assets above the $5.49 million exemption for individuals are subject to a 40 percent estate tax. With the uncertainty as to the future of the estate tax, wealthy individuals in Saint Paul may be holding off on making estate planning decisions.

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