Barry Gersick Quoted in Twin Cities Business Magazine on Minnesota Tax Peculiarities
Barry Gersick, a Maslon partner practicing in the areas of taxation, business matters, and estate planning, is quoted in the September issue of Twin Cities Business Magazine in an article titled "The State of Taxes." The piece discusses Minnesota's most vexing tax issues, including the practice of high-net-worth Minnesotan's who choose to live at least half the year in Florida or eslewhere for tax reasons.
"As the gap between the federal and state exemptions has widened, affected people have come to find Minnesota's estate tax increasingly annoying," Barry shared, adding that the exemption gap makes it seem more onerous to the clients he advises. "A lot of people with estates in the $2 million to $5 million range really find that offensive."
The article further examine business owners preparing to sell a company rather than transfer it to their children, often establishing residence in another state a year or more before the sale to avoid paying Minnesota's capital gains tax.
Barry points out "Someone with a $300 million business to sell has a powerful incentive to avoid a state tax of 7.85% on the proceeds." He concedes that "even if Minnesota cuts it's tax rate in half, the incentive still would be strong to move to a state that levies no individual income tax at all."
Barry Gersick represents privately-held businesses and their owners in various tax matters, including tax planning, contested tax matters, estate planning and estate and gift taxation.
To read the complete Twin Cities Business article, go to: The State of Taxes
