The Ohio Estate Tax was a 6% tax that applied to estates that had a net value in excess of $338,333. The 6% tax was levied on every dollar over $338,333. Once the value of the estate reached $500,000, the rate changed to a 7% tax.
The repeal of the Estate Tax is effective for any estate where the decedent died after January 1, 2013.
Even though Ohio has eliminated its estate tax, the Federal Estate Tax is still in effect. Through proper estate planning, the tax burden on future wealth transfers can be significantly reduced. If you have questions about estate planning, please feel free to call my office.
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