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Senate adopts amendment to raise probate transfer threshold to $100,000 and remove indexing
Summary
Senators approved Amendment No.1 to Senate Bill 24, eliminating inflation indexing for the probate transfer threshold and raising the nonprobate transfer amount to $100,000 to give predictability to banks and others; SB24 as amended passed the Senate unanimously and moves to the House.
Senate Bill 24 was uncircled and amended on the Senate floor to simplify probate-affidavit procedures and raise the nonprobate transfer threshold.
Senator Romero explained the amendment as a response to concerns from the president and members of the bar about how indexing the threshold for inflation would create uncertainty for banks, credit unions and…
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