Ohio Estate Tax repeal presents many new planning opportunities and requires a review and evaluation of pre-repeal planning. This posts discusses some new options.
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.
Yesterday the Ohio House of Representatives passed HB 153, which was the FY 2012-13 budget for the State of Ohio.
Both the Ohio House and Senate have now voted to repeal the Ohio Estate Tax as of January 1, 2012.
Fortunately, the Ohio Bar Association, through its Section on Estate Planning, Probate and Trust Law (of which I’m a member)