The Ohio Legislature has repealed the Ohio Estate Tax, effective Jan. 1, 2013.
Ohio Estate Tax
The Ohio estate tax has little effect upon the business community and very few individuals have considered moving from Ohio because of the tax.
Still, this repeal is very good news for many of our clients. Particularly those who farm or own small businesses stand to benefit, as they have traditionally borne the brunt of the estate tax system.
This development also may present a planning opportunity for married clients, These include those who now have traditional credit shelter type trusts, also known as A/B trusts.
Once the Ohio Estate Tax is repealed, the provisions of the B Trust may become more flexible. It may allow for beneficiaries other than the spouse. This will further allow us to sharpen our focus on elder law issues rather than estate tax issues.
For more information on estate taxes or estate planning, please contact the elder law office of Browning, & Meyer Co., LPA today.