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What is the difference between an estate tax and an inheritance tax, and what does Minnesota have?

April 26, 2017estate tax inheritance tax Minnesota

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What is the difference between an estate tax and an inheritance tax, and what does Minnesota have?

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Minnesota has an estate tax. The estate tax is a tax on all of the assets of a decedent before they are distributed to beneficiaries. If the estate meets the filing requirements, the estate pays this tax to the IRS and/or the state in which the decedent lived (prorated to any other states where the decedent had property). Many states have a threshold different from the federal level.