University of Minnesota
University of Minnesota Foundation
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Giving to medicine and health at the University of Minnesota

New estate tax laws bring new opportunities

The Federal Estate Tax, Gift Tax, and Generation Skipping Transfer Tax began a new chapter in 2011. Effective through 2012, these new tax laws apply:

• Each individual taxpayer will receive a $5 million estate tax exemption. Married couples will receive a $10 million exemption.

• The exemption between spouses is portable. This means that if the spouse who dies first does not exhaust his or her exemption, the remaining exemption amount may be transferred to the surviving spouse’s exemption amount.

• The top taxable rate on estates, gift tax, and generation skipping transfer tax is 35 percent.

• The return of the estate tax also brings the return of the “stepped-up basis,” meaning that heirs inheriting assets will acquire a basis equal to the fair market value of the asset on the day of ownership transfer.

The changing estate tax landscape may affect your plans for leaving a legacy gift to neurosciences research, education, or care at the University of Minnesota through the Minnesota Medical Foundation. We are happy to work with you to determine how to maximize your giving impact. Contact us at 612-625-1440, 800-922-1663, or giftplanning@mmf.umn.eduto learn more.

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