The current federal exemption amount for gifts and estates is $5.25 million (which is indexed for inflation). Minnesota now is one of two states that have a state level gift tax (with Connecticut being the other state). If you make lifetime gifts in excess of $1,000,000, you will be subject to a gift tax at a rate of 10%. In addition, upon your death Minnesota has an estate tax on estates of more than $1,000,000. The estate tax rate is between 41% and 16% depending upon the size of the estate. Depending upon the needs and ages of your children and your current individual and business asset needs, you may want to give annual gift tax exclusion amounts to each of your children (currently $14,000 per person) which may reduce your estate at death.
Sweet marketing music
Tanner Montague came to town from Seattle having never owned his own music venue before. He’s a musician himself, so he has a pretty good sense of good music, but he also wandered into a crowded music scene filled with concert venues large and small.But the owner of Green Room thinks he found a void in the market. It’s lacking, he says, in places serving between 200 and 500 people, a sweet spot he thinks could be a draw for both some national acts not quite big enough yet for arena gigs and local acts looking for a launching pad.“I felt that size would do well in the city to offer more options,” he says. “My goal was to A, bring another option for national acts but then, B, have a great spot for local bands to start.”Right or wrong, something seems to be working, he says. He’s got a full calendar of concerts booked out several months. How did he, as a newcomer to the market in an industry filled with competition, get the attention of the local concertgoer?
