Page 22 - Ultimate Guide to Estate Planning

If the value of the estate exceeds the “small
estate” rules, then the estate is subject to
probate proceedings. These proceedings

involve a judicially supervised gathering and
disposition of assets.

A will does not avoid probate; rather it
guarantees that you will have your estate
probated in some fashion. The costs associated

with administering a will through probate
include attorney fees, the cost of the time
expended by the personal representative of the
estate, or executor, and filing fees applicable to

the court and various experts as it relates to
valuing property for disposition.

Probate is concluded when:

 All the debts are paid;

 Estate taxes are paid; Minnesota estate
taxes apply if the estate exceeds $1.8
million in 2017 or $2 million in 2018 and
beyond (which can be doubled if married
with a credit shelter trust is

implemented) at a rate of roughly 15% of
the excess; Federal estate taxes will
apply if the value of the estate is above
roughly $5.5 million (which can be
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