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WHAT ARE THE COSTS OF PROBATE
Friday, August 27, 2010

“Avoidance of Probate” is frequently the watchword for those who espouse elaborate and expensive estate plans.  The high exemptions from Federal Estate Tax liability has removed tax avoidance as the justification for such schemes for most tax payers.  For the most part the roll of a Personal Representative appointed by the Court and the Attorney representing him or her and the roll of a Trustee and the Attorney representing him or her are identical: collect and account for the assets, pay any taxes or debts that might be due, and make distributions in accordance with the direction of the decedent.  The costs of probating an estate are a Filing Fee ($150.00) and the cost of a Letter of Authority ($12.00).  In addition the Probate Court collects a Gross Estate Fee based on a graduated schedule.  The following is a partial schedule of that fee that demonstrates the range:
 
GROSS ESTATE    FEE

Less than $3,000.00    $25.00

$10,000.00    68.75

$25,000.00    143.75

$50,000.00    237.50

$100,000.00    362.50

$200,000.00    487.50

$400,000.00    737.50

$1,500,000.00    1,175.00
 
How many thousands of dollars should be spent to create a trust or other estate plan to avoid these fees?  A Simple Will can accomplish most estate planning purposes at a fraction of the cost of setting up a trust or family business and maintaining that entity for the rest of your life.

Support Information
Saturday, October 23, 2010
HOMEOWNERS DUTIES EXPANDED
Thursday, October 21, 2010
OIL & GAS LEASES
Thursday, October 21, 2010
NEW LANDLORDS
Sunday, October 17, 2010
RECREATIONAL TRESPASS
Saturday, October 16, 2010
LITTORAL OR RIPARIAN
Friday, October 15, 2010
REDUCTION OF HOMESTEAD EXCLUSION
Wednesday, October 6, 2010
ENFORCEMENT OF LAND CONTRACTS
Monday, October 4, 2010
UTILITY EASEMENT COMPELLED OVER DRIVEWAY
Wednesday, September 29, 2010
HOMESTEAD EXEMPTION FOR SECOND HOME
Monday, September 27, 2010
CHANGES IN TITLE INSURANCE
Sunday, September 26, 2010
REDEMPTION PERIODS
Sunday, September 26, 2010
LANDLORD’S DUTIES
Wednesday, September 22, 2010
FALLING VALUES, RISING TAXES
Saturday, September 18, 2010
INADVERTENT UNCAPPING OF PROPERTY TAXES
Friday, September 17, 2010
TRUST FOR MINOR CHILDREN
Thursday, September 16, 2010
JOINT REAL ESTATE DEEDS TO ‘AVOID PROBATE’
Monday, September 13, 2010
CONTENTIOUS CHARITY
Wednesday, September 8, 2010
TRANSFER TAX RELIEF
Monday, September 6, 2010
DESIGNATION OF PATIENT ADVOCATE
Saturday, September 4, 2010
TESTAMENTARY TRUSTS
Thursday, September 2, 2010
USE OF DURABLE POWER OF ATTORNEY FORMS
Sunday, August 29, 2010
TESTAMENTARY TRUST FOR PET CARE
Friday, August 27, 2010
WHAT ARE THE COSTS OF PROBATE
Thursday, August 26, 2010
GUARDIANS & CONSERVATORS
Wednesday, August 25, 2010
FEDERAL RELIEF PROGRAM
Sunday, August 22, 2010
MORTGAGE GUILT FACTOR
Monday, August 16, 2010
TENANTS OF FORECLOSED PROPERTY
Tuesday, August 10, 2010
EFFECT OF FORECLOSURE SALE
Thursday, August 5, 2010
DEEDS IN LIEU OF FORECLOSURE
Thursday, July 22, 2010
PROPERTY ABANDONMENT
Monday, July 19, 2010
SHORT SALE RELIEF FROM UPSIDE DOWN MORTGAGE
Tuesday, June 15, 2010
MANDATORY LOAN MODIFICATIONS
Thursday, June 10, 2010
CITY LIABLE FOR FLOODING
Friday, June 4, 2010
NON-DISCHARGEABLE CREDIT
Friday, June 4, 2010
PROTECTED ASSETS
Friday, June 5, 2009
CHILD’S MARIJUANA RISKS PARENT’S HOME
ENFORCEMENT OF LAND CONTRACTS
GROWING USE OF MEDIATION
HOMEOWNERS DUTIES EXPANDED
LITTORAL OR RIPARIAN
RESPONDING TO THE U.S. CENSUS
Contact Us at: (248) 693-6245    436 S. Broadway, Suite C, Lake Orion, MI 48362                                 © Copyright 2008 James R. Porritt, Jr. All Rights Reserved.
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