While Connecticut increased the estate tax exemption in 2022, not requiring estates valued under 9.1 million to be subject to Connecticut estate taxes, all decedent estates will continue to be subject to Probate Court fees.  These fees apply regardless if the deceased individual’s assets are subject to probate, held in a lifetime revocable trust, pass to beneficiaries via survivorship beneficiary designations (such as jointly held real estate or bank accounts) or pass via designations (such as life insurance proceeds or retirement plans).  All these types of assets are considered a part of the deceased person’s gross estate and subject to a probate fee. 

By way of example, an estate with a gross taxable estate value of $500,000 would be subject to a probate fee of $1865 and a $1,000,000 gross taxable estate would pay $3115 in probate fees.  This is often a surprise to clients that have set up living trusts in order to avoid probate and yet find their assets are still subject to the fees of the Probate Court.  This is important information you need to know… read more

Our firm prepares estate plans for our clients that utilize wills and sometimes trusts to accomplish their goals.  In this process it is very important to make sure the appropriate beneficiary has been named on assets such as life insurance policies, bank accounts and retirement plans.  The wrong choice could defeat the goals you want to accomplish.  For example, you establish a trust that provides in the event of your passing you want your estate assets to be managed by a trustee of your choosing for the benefit of any child under the age of twenty-five.  A very reasonable planning tool to allow a child to gain more maturity until he or she inherit your assets free of any restrictions.  However, if your child is named as the beneficiary, for example under a life insurance policy, the insurance policy’s death benefit could potentially go directly to your child when your child is no longer deemed a minor or reaching the age of eighteen.  Your goal of having a trustee manage your child’s finances until twenty-five has been circumvented by simply… read more