After cutting public funding to the probate court system, the Connecticut legislature has increased court fees retroactive to January 1, 2015. The new fee will be .05% and applies to estate worth $2 million or more with the old fee cap of $12,500 being removed. In addition, the levy will apply to assets considered non-probate such as life insurance proceeds. As a result, an estate will pay $50,000 more per $10 million than before the new law went into effect. Due to the retroactive increase, some estates are now facing bills as high as $1 million with many of those affected not yet being informed of the impost. Estate planners have expressed dismay they were not given the chance to advise clients on the change and worry that many of the wealthiest citizens will leave the state to avoid the tax.
See Kristin Bianco, Connecticut Is Now Most Expensive Place to Die in U.S., Fox Business, August 5, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
