Time running out for 2017 Gifts – Gifts can be beneficial even if estate tax is repealed December 12, 2017 by lak 0 Comments If you are planning on making gifts to utilize your annual exclusion (currently $14,000 per donee) and all or part of your lifetime gift exclusion ($5,49 million Federal, unlimited Minnesota), you have only until December 31, 2017, to make your gifts. Making gifts using the annual exclusion or all or part of your lifetime gift exclusion can significantly reduce Minnesota* and federal estate taxes. The estate tax may or may not be repealed. Even if repealed nothing prevents Congress from reinstating the estate tax at a later date. In addition, gifts, especially gifts to 529 Plans or gifts to children to fund Roth or regular IRAs can significantly income taxes even if income tax rates are lowered as some deductions may be eliminated that could leave some taxpayers paying more in income taxes. *Note: some gifts made within 3 years of your death could be subject to Minnesota Estate Taxes. CategoriesProbate & Estate PlanningUncategorizedTags See more Sale of interest in engineering and manufacturing company All Posts Sale of Sign Manufacturing Business Related entries No results found. Leave a Reply Cancel reply Comment (required)Name (required) Email (required) Website Save my name, email, and website in this browser for the next time I comment.