Estate Planning Comparison between Ohio & Florida

November 7, 2011Leave a reply

ohio florida comparison

In our Ohio elder law practice, we find that many people  either live in Ohio and have family in Florida or vice versa.  If you or someone you know happens to fall into one of those categories, you may want to consider the following comparison chart between Florida and Ohio as it relates to taxes, assets and medicaid:

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COMPARISON BETWEEN FLORIDA AND OHIO

TAXES, ASSETS AND MEDICAID

Florida Ohio
Income Tax None Income Tax
Estate Tax None Estate Tax
Homestead Exemption (Primary Residence ) Allowed (Residence is free of Medicaid liens) None (Residence must be sold or lien)
Care Management Agreement allowed Yes Restricted
Reverse Mortgage Yes Yes
Income Producing Assets Yes Limited
Income Producing Real Estate Yes Limited
CSRA  $109, 560 100% 50%
Support Orders
Guardianship
Divorce		 Yes Yes
Pooled Trust Over 65 Yes Yes
MIDGTS Grantor Trusts/Deduction Trust Yes Yes
Spousal Refusal Yes No

Browning, Meyer & Ball, Co., L.P. A. is a law office with over 55 years of experience in the firm’s specialized areas of practice, which include estate planning, elder law, estate administration, probate administration, trust administration, asset preservation, tax planning, guardianships, special needs planning, and Medicaid eligibility planning and litigation.   With offices conveniently located in Columbus and Sandusky, Ohio, and a Florida attorney of-counsel with our firm, we have the ability to offer a wide array of legal services to assist you and your family as you move through the stages of life.

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