Taxation & Estate Planning

Ohio?s Estate Tax Is No More!

By michael

Its official folks!  Just this afternoonGovernor Kasich signed the bill repealing the Ohio estate tax .

?By repealing this suffocating tax, Gov. Kasich and the Ohio legislature have made their state stronger ? and made it a model for the remaining 21 other states who continue to impose state estate or inheritance taxes, including three of Ohio?s neighbors: Indiana, Kentucky, and Pennsylvania,? says Dick Patten, president of the American Family Business Institute, a no-death-tax lobbying group.

The repeal takes effect January 1, 2013.

For 2011, Ohio is still one of 22 states that along with the District of Columbia currently have estate and/or inheritance taxes. (Yes, that?s separate from the federal estate tax). Among estate tax states, Ohio currently has the lowest exemption amount per estate, just $338,333, but the lowest top rate at 7%. The more dollars in an estate, the more the rate matters as opposed to the exemption amount? that is the amount an individual can leave without paying tax.

Once the Ohio repeal becomes law, New Jersey will have the distinction of being the state with the lowest estate exemption at $675,000.

Click here for a map of where not to die.

My man Brad picked up on this earlier today.   The above quotes were lifted from this article at Forbes.com.

Full post as published by The Ohio Trust & Estate Blog on July 01, 2011 (boomark / email).