Death To The Estate Tax in Ohio
By now most of you know that Governor Kasich’s two-year $55.6 billion budget bill was passed in June. The bill included the permanent repeal of Ohio’s estate tax. Ohio has the dubious distinction of having the lowest estate tax exemption ($338,333) in the country. According to the Ohio Department of Taxation, Ohio’s estate tax generated [...]
Estate and Retirement Planning for the Family Business Owner(s)
Advisers to family businesses in times of low interest rates are using a not-so-new way of transferring wealth and providing for retirement cash flow. It is called “sale to a grantor trust,” and it takes advantage of a limited time offer: under current IRS rules, the federal exemption for gift tax is $5 million through [...]
Do you need to file an estate income tax return (Form 1041)?
Although there is no federal estate tax due in 2010, there is no tax relief from the income tax return for the estate. In the year a person dies, a final personal tax return (Form 1040) is required if: 1) the gross income of the decedent exceeds the sum of the standard deduction plus the [...]
THE FED IS DEAD BUT OHIO ESTATE TAX STILL LIVES!
Earlier this month I wrote about the 2010 suspension of the federal estate tax. Now I would like to discuss the estate tax that is still alive and well in Ohio. Only 18 states including the District of Columbia have an estate tax that is still collected. For those of us who live in Ohio, [...]
IS THE DEATH TAX DEAD?
It is if you die in 2010–no matter how large your estate is. In actuality, due to the large federal estate exemption, only an estimated 5,500 estates were taxable in 2009! This represents an 85 percent decrease from 2008. The biggest benefit under the estate tax rules prior to 2010 was that inherited property received [...]
