For 2019, the federal estate tax exemption is $11.4 Million per person. Through portability, a married couple federal estate tax exemption is $22.8 Million. Thus, a single person who has an estate under $11.4 Million will not pay estate tax. The annual gift tax exclusion remains at $15,000 per person per year.
A common question is what probate fees cost an estate in California. Probate fees are determined by California state statute and are as follows:
(1) Four percent on the first one hundred thousand dollars ($100,000).
(2) Three percent on the next one hundred thousand dollars ($100,000).
(3) Two percent on the next eight hundred thousand dollars ($800,000).
(4) One percent on the next nine million dollars ($9,000,000).
(5) One-half of 1 percent on the next fifteen million dollars ($15,000,000)
Therefore, if the value of the estate is $1 Million, the probate fees and costs will be around $25,000.00.
Creating your trust is just the first step. It then needs to be funded correctly. In the majority of cases, it is very easy and takes little time. It is a two step process. First, the trust asset needs to be listed on the schedule of assets found at the end of your trust. Second, the asset needs to be re-title in your name as trustee, of your trust. Once your trust is created, we can analyze your estate and determine which assets should be included in your trust.
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