Long notorius for having the lowest estate tax exemption of the 17 states with estate taxes separate from the federal estate tax, this repeal provides an obvious and significant tax benefit. From a more technical perspective, Ohio estate tax repeal also has many opportunities to better accomplish a client’s goals. This post outlines the need to carefully review formula provisions in existing trusts to be sure they accomplish the client’s goals.
Rev. Proc. 2011-52 was issued setting forth the inflation adjustmehts required under various sections of the Internal Revenue Code. A few of the more important adjustments for estate planning are listed in this post.
Section 7520 Rate = 1.4% AFRs Annual Semi-Annual Quarterly Monthly Short-Term (0-3) 0.19% 0.19% 0.19% 0.19% Mid-Term (3-9) 1.20% 1.20%
Turner v. Commissioner: Careful ILIT drafting saves the day
The key here is to be organized. Much of the difficulty (and cost) in administering estates is tracking down the information.
Yesterday the Ohio House of Representatives passed HB 153, which was the FY 2012-13 budget for the State of Ohio.
An article by Michael Sisk in Barron’s Online titled “How to Keep the Kids” points out that “Most financial advisors
Both the Ohio House and Senate have now voted to repeal the Ohio Estate Tax as of January 1, 2012.
This online article titled “Gift Tax Exemption Jumps, But Not Everyone’s Feeling Generous,“ by Jerry Gleeson, which appeared in Registered Rep,
Fortunately, the Ohio Bar Association, through its Section on Estate Planning, Probate and Trust Law (of which I’m a member)