False Facts Friday Issue 3: “My dearly-departed spouse and I owned everything jointly, so there is no need for me to file any papers with the Probate Court.”
Currently, the estate tax exemption in Connecticut is $3.6 million per person. So although an Estate Tax Return must be filed for every decedent, tax is due from very few estates. And even if the decedent’s assets exceeded $3,600,000, there is an unlimited marital deduction, so if all of the assets pass to the decedent’s…