How to Probate a Small Estate In Oregon.Proper estate planning and asset titling (including the use of Pay on Death Deeds, available in most states) can help ease the property transfer process in Oregon, which may be available in your state. Those estates may need to file a federal estate tax return. For estates that exceed the limit, the tax rate is progressive, starting at 18% and reaching a maximum of 40%. This means estates worth less than this amount are not subject to federal estate tax. Federal estate tax applies to estates over $12.92 million for an individual or $25.84 million for a married couple. Most states do not have a state estate tax or inheritance tax.That's a HUGE tax advantage for those with generational wealth. Property transferred at death receives a stepped-up cost basis, meaning the heir's capital gains tax is calculated based on the market value at the time of death rather than the decedent's original purchase price.The estate can be transferred with an affidavit 30 days after death if there is no will. Most states have a simplified probate procedure for small estates (under a certain amount).The personal representative named in your will files paperwork with the court to open probate and manages the process of inventorying assets, paying debts, and distributing property. The probate process in most states typically takes 6-12 months.Generally, your property goes to your closest relatives in a certain order of priority. If you die without a will (intestate), your property that goes through probate will be distributed according to Oregon's intestate succession laws.Your will must be submitted to probate court after your death. If you die with a will (testate), your property that is subject to probate will be distributed according to the instructions in your will.Some (most?) property can transfer directly to beneficiaries without probate or a will, such as assets with named beneficiaries like life insurance or retirement accounts, assets owned jointly with right of survivorship, and assets held in living trusts.Oregon Probate Toolkit 7 Key Facts About Transferring Property at Death in Oregon:
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