Will you have to pay estate taxes?
Chances are that you won’t have to pay the Federal level estate tax. Most Americans will not have to pay it. This law changes a lot though. It is one of Congress’s favorite things to tinker with so you must stay up to date. State level estate tax is different.
Minnesota changes its tax often as well, but, as of right now, you will pay tax if your estate is worth over $3 million. Many folks will hit that. You add your house, your IRA/401k, and life insurance proceeds together and many have that amount.
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