The Star Beacon; Ashtabula, Ohio

World, nation, state

January 12, 2013

Ohio makes changes to estate tax

Ohio residents who “put off” dying until after Dec. 31, 2012, left their families a gift.

Ohio’s estate tax was repealed by H.B. 153. According to the Ohio Department of Taxation, no Ohio estate tax return needs to be filed for individuals who die on or after Jan. 1, 2013.

However, the estate tax is still in effect for individuals who died prior to that date and have a gross estate greater than $338,333.

Another piece of legislation, H.B. 508, eliminated the requirement for tax release/inheritance tax waiver forms. The form was used to obtain written permission from the tax commissioner before certain assets of a decedent may be transferred to another person. Again, the law applies to those who have a date of death on or after Jan. 1, 2013.

For Ohio residents who died before then and have asset accounts with a value greater than $25,000 each, the tax commissioner requires filing certain forms. If the assets are passing to a surviving spouse, release forms/tax waiver forms are not required.

For more information on the Ohio estate tax changes and required filings, visit http://tax.ohio.gov/faqs/Estate/estate.stm#1, or call 1-800-977-7711.

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