Death and Taxes

Benjamin Franklin stated that “nothing is certain in this world, except Death and Taxes”.

Did you know? Depending upon the state you live in, Death and Taxes within your estate will determine your probate fee’s. According to a recent report, Connecticut has become the most expensive place to die because of increased probate fees recently implemented by the state legislature.  The fees took effect July 1, 2015, as part of the new state budget approved by Gov. Dannel P. Malloy and the Democrat-controlled legislature. They’re also retroactive to all deaths dating back to Jan. 1. The budget cuts all state government funding to the probate court system, a total of $32 million over two years. To make up for the loss of that money, Malloy and lawmakers eliminated the $12,500 cap on probate court fees and doubled the fee on estates worth more than $2 million to 0.5 percent of the value. They also increased fees for most probate court filings from $150 to $225. Nevada also imposes a filing fee for commencing a probate but continues to have a cap on the fees as follows:

When filing a petition for letters testamentary or administration or guardianship where the stated value of the estate is $20,000 or less…… NO FEE (NRS 19.013)

Where the stated value of the estate is more than $20,000 but less than $200,000……………………$286.00

Where stated value of the estate is $200,000 or more…………$539.00