Estate Taxes in Ohio
Even though the Ohio estate tax was repealed effective January 1, 2013, there are still estate taxes in Ohio. A decedent’s estate may still have to pay a federal estate tax of 40% of the gross estate that is more than $5.34 million. 5.34 million dollars is the exempt amount that is not subject to federal taxation. One may deduct funeral and burial expenses, payment of debts, charitable gifts, and most transfers to the surviving spouse. One cannot exempt transfer on death or payable on death property from estate taxes.
A federal estate tax return (Form 706) does not always need to be filed. When the decedent’s gross estate is more than the exempt amount, the return must be filed, even if it shows that no tax is owed. Filing a federal estate tax return can allow a surviving spouse to combine his or her exemption with the deceased spouse, otherwise called a “portability election.” If a wife inherits five million dollars from her deceased husband and files a federal estate tax return on the unused exemption, the wife would have $10.34 million in exemptions available in her estate upon her death.
To read more on Ohio probate law, click on any of the following links to my other articles related to Ohio probate law: How do you make a will; Long term care insurance’s role in Medicaid planning; Should you use online legal document services; More problems from online legal document services.
Attorney Gigiano is an experienced Medina County probate attorney in Wadsworth. His positive work is reflected in the following links to his reviews: Daniel Gigiano; Daniel Gigiano ratings; Daniel Gigiano reviews; Working with Daniel Gigiano; Daniel Gigiano work. Call Attorney Gigiano at 330-336-3330 if you need the services of a Wooster probate attorney near Orrville or a Summit County probate attorney near Barberton, please call Attorney Daniel F. Gigiano at 330-336-3330.