--- title: Estate Updates description: The tax overhaul has been much lauded, but outside of tax lawyers and accountants, not much detail has been widely published. --- [Dan's Desk](https://www.gallatin-law.com/blog/author/dan-gallatin) - [lawyer](https://www.gallatin-law.com/blog/tag/lawyer) - [hugo](https://www.gallatin-law.com/blog/tag/hugo) - [MN](https://www.gallatin-law.com/blog/tag/mn) - [law](https://www.gallatin-law.com/blog/tag/law) - [attorney](https://www.gallatin-law.com/blog/tag/attorney) - [legal](https://www.gallatin-law.com/blog/tag/legal) [Subscribe](https://www.gallatin-law.com/blog/estate-updates#) 01/24/2018 # Estate Updates - - - - - [mailto:?subject=Estate%20Updates&body=https%3A%2F%2Fwww.gallatin-law.com%2Fblog%2Festate-updates](mailto:?subject=Estate%20Updates&body=https%3A%2F%2Fwww.gallatin-law.com%2Fblog%2Festate-updates) The tax overhaul has been much lauded, but outside of tax lawyers and accountants, not much detail has been widely published. For estate planning purposes, there are only a couple of points that Minnesotans may be personally interested in. These dollar amounts are notable: 1. The annual gift allowed without having to file a tax return: $15,000.00. It is best to document the gift, specifying who is the giver and who is the recipient. 2. Total lifetime amount that can be gifted by one person to one person: $11.2 million 3. Federal estate tax threshold: $11.2 million 4. Minnesota estate tax threshold: $2.4 million Keep in mind, the numbers above are purely for tax purposes. There are other reasons why you would act now to "hide" assets for economic efficiencies are to effectuate your estate goals. If you have a question on those options, costs, or reasons to act now with your estate planning, I am here to answer your questions and help you do what you want to do with your assets. The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney. All information contained in links are the property of the linked site. - [attorney](https://www.gallatin-law.com/blog/tag/attorney), - [hugo](https://www.gallatin-law.com/blog/tag/hugo), - [legacy](https://www.gallatin-law.com/blog/tag/legacy), - [estate](https://www.gallatin-law.com/blog/tag/estate), - [estate tax](https://www.gallatin-law.com/blog/tag/estate-tax), - [federal](https://www.gallatin-law.com/blog/tag/federal), - [law](https://www.gallatin-law.com/blog/tag/law), - [lawyer](https://www.gallatin-law.com/blog/tag/lawyer), - [legal](https://www.gallatin-law.com/blog/tag/legal), - [minnesota](https://www.gallatin-law.com/blog/tag/minnesota), - [MN](https://www.gallatin-law.com/blog/tag/mn), - [state](https://www.gallatin-law.com/blog/tag/state), - [will](https://www.gallatin-law.com/blog/tag/will), - [tax](https://www.gallatin-law.com/blog/tag/tax), - [taxes](https://www.gallatin-law.com/blog/tag/taxes) ![Dan Gallatin](https://www.gallatin-law.com/hubfs/assets-mjfw/site%20images/Dans-Desk.jpg) ## [Dan Gallatin](https://www.gallatin-law.com/blog/author/dan-gallatin) Dan is a lifelong resident of Minnesota. Born in St. Paul, Dan spent many of his formative years growing up there before moving to White Bear Lake. After graduating from White Bear Lake, Dan spent four glorious years at the University of Wisconsin-Madison, earning a degree in two majors. Dan worked as a Senior Investigator at the Minnesota Department of Commerce for several years after graduating from college. During his final years Dan attended William Mitchell College of Law while still working full-time. During this exhausting 3 ½ year period Dan honed his skills in becoming an efficient, to-the-point legal practitioner. While at Madison Dan met his wife, Tonya, and together they moved to Minnesota to plant their roots. Dan and Tonya have two amazing, unique children and reside in Hugo. ### CONNECT WITH ME - ## Related Posts [03/02/2016 Is a Revocable Trust for You? I take a different view on trusts compared to many practitioners I know. From my perspective, revocable trusts have a limited degree of utility.… Read Post ](https://www.gallatin-law.com/blog/is-a-revocable-trust-for-you) [09/23/2015 Welcome to my desk Greetings and thank you for taking the time to visit my website. Read Post ](https://www.gallatin-law.com/blog/hugolawyerhello) ### Subscribe Here! ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Dan Gallatin", "url" : "https://www.gallatin-law.com/blog/author/dan-gallatin" }, "dateModified" : "2020-08-21T22:11:08.923Z", "datePublished" : "2018-01-24T06:00:00.000Z", "headline" : "Estate Updates", "mainEntityOfPage" : { "@id" : "https://www.gallatin-law.com/blog/estate-updates", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.gallatin-law.com/hubfs/logos/Gallatin-Logo-654x84.png" }, "name" : "Gallatin Law, PLLC" } } ```