On June 30, 2011, Ohio Governor John Kasich signed House Bill 153. This 3,262 page appropriations bill, among other things, eliminates the Ohio Estate Tax, beginning in 2013. The Ohio Estate Tax applies to a decedent’s property owned at the time of his or her death. Generally, there is a $338,333 exemption to this tax, with all assets owned by a decedent that exceed this amount being taxed by the Ohio Department of Taxation. For more information on House Bill 153, click here.
Many things can happen in the next year and half. Because of the uncertainties and changes in the law, it is important that your estate planning is up to date and flexible. One thing that can always be counted on in the tax world is that things do not remain the same for long.
Call (614) 888-4911 or visit http://www.kohlersmith.com today to set up an appointment to meet with a Kohler & Smith Co., LPA estate planning attorney. Whether you have never done any estate planning or if it has been a few years since your last updates, the attorneys at Kohler & Smith Co., LPA can help you and your family achieve your succession and tax planning goals.