Niehaus3.com Client Login   Contact Us HomeOur StaffPlanning Your EstateHandling an EstateBrochuresFran's TipsYour First Visit Estate Administration Probate & Non-Probate Assets Payment of the Decedent’s Debts Death Certificates Probate Court Costs Attorney / Executor Fees Role of the Executor Estate Tax Income Tax – Estate Income Tax – Beneficiaries   Gifts just prior to death can reduce estate tax. For Federal estate tax, these gifts can be up to $12,000 per donee. The Ohio limit is $10,000 per donee.   To learn more about Handling An Estate Contact Us to Schedule a Visit   Handling An Estate Estate Tax Who Is Going To Tax The Decedent's Assets? There is a Federal estate tax and an Ohio estate tax. What Assets Are Taxable For Estate Tax Purposes? Federal: Life Insurance, Pension Plans, IRAs, Stocks, Mutual Funds, Real Estate, Bank Accounts, Personal Property, etc. Ohio: All the above is taxable, except for life insurance payable to a beneficiary other than the decedent's estate. What Deductions Are Allowed For Estate Tax Purposes? There is an unlimited marital deduction for Federal and Ohio, so assets transferring to a spouse are not subject to estate tax. Other deductions include: • Decedent's bills due at death • Executor fees • Attorney fees • Cost of administration • Funeral bill, cemetery costs, etc. What Are The Applicable Estate Tax Exemption Amounts? At the death of the decedent, there may be Federal and/or Ohio estate taxes due. There are different exemption amounts and rates for each. The Federal applicable exemption amount is: • 2006 to 2008 - $2.0 Million • 2009 - $3.5 Million The Ohio applicable exemption amount is $338,333. What Are The Applicable Rates of Estate Tax? Federal: 45% of the amount over $2 million increasing to 46% Ohio: 6% of the amount between $338,333 and $500,000 and 7% above $500,000   Copyright © Francis J. Niehaus, LLC 4820 Glenway Avenue Cincinnati, Ohio 45238 Disclaimer