Connecticut the most expensive place to die in America?
Connecticut the most expensive place to die in America? Nicknamed the Constitution State now has a new claim to fame Connecticut is expensive state to Diane in the United States, with an estate worth over 2 million dollars. Now is Birkin Wealth Management Group senior vice president Jonathan berkun and attorney Amy De Jonathan, you say this is about how accounts are setup initial. What do you mean by that? In Most states you can avoid probate and avoid probate fees by having your accounts in revocable trust, joint tenants with right of survivorship transfer on death, but what’s crazy about Connecticut, is tax on the value of your state. So it’s like a separate total death tax. So, even if you title your accounts and most other states to avoid probate and kinetic, if they’re going to hit you just based on your assets, call the money to your wife. They will allow a free transfer with spouse. But if you died suddenly – and you left everything your spouse – and it was a 10 million dollars – State she’s paying a $ 50,000 tax house have an estate. This is going to really hurt people whose phone over the border right it’s certainly increased, substantially. The fees we used to have a cap on Ark of 12,500 no longer and no longer so we we are going to have a states that can pay 6 figures in Probate fees, even without any probate assets. Is it going to attract? Do you think Jonathan less wealthy individuals wanting to live there? I mean we know that there’s been tax incentives that have driven people to live in Connecticut for years. It’S a really unfortunate tax and that’s what it is basically attacks and it is in his Amy said: there’s almost no way to avoid it. Cuz again, you can avoid probate in almost every state by doing the right things talking to people. I came in myself, but in Connecticut it’s based on your ass. What you could do is transfer all your money to your spouse, but there’s negatives with doing that too. Cuz of stepped up in basis and another reason. So it’s making it incredibly hard for people to plan it’s retroactive to January one. I have a other state. Now, it’s very modest estate goes a little over the two million and their fees went went basically went up 25 %. I mean that’s unbelievable to think that these fees were captive 12,500 and now those same people are staying bills about the $ 50,000. I’M not changing what sort of as an attorney. What sort of response are you here? We tried very hard to to explain this situation, but it it’s worse than $ 50,000. I mean I have an estate that I’m handling now that had they died during this year. Instead of paying the 12500 cap would have paid $ 350,000 in Probate fees. I mean they says this is a major event for people with substantial wealth, Governor Malloy and the democratic-controlled legislature of the state. Could there be a change of political power, some power in the next election for more years or so? I have no idea. What’S going to happen through your so now, I have no idea people to that state for a long. Of time and that changing all right guys. Thank you very much. Thank you. Jonathan Burkin and Amy day for doing his bright and early this morning on that Burkan Wealth Management Senior V.P. Jonathan Burkan and attorney Amy Day on Connecticut eliminating a cap on probate fees.