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Old 05-01-2010, 04:11 AM
 
Location: Lakewood, Ohio
560 posts, read 1,715,244 times
Reputation: 422

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Been giving some thought to moving myself and eventually my parents to Ohio. However, I was shocked to see Ohio has an estate tax. Am I understanding it correctly? It looks like that state takes 7% of everything after $350,000?

If I got that correctly, my sister and I would be hit with one hell of a tax bill when my parents die. $350,000 isn't a lot of money these days... most states that do have an estate tax don't tax until after 1 million. What's up with Ohio, or do I have it wrong?
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Old 05-01-2010, 09:04 AM
 
5,756 posts, read 3,998,245 times
Reputation: 2308
Quote:
Originally Posted by mdmagana View Post
Been giving some thought to moving myself and eventually my parents to Ohio. However, I was shocked to see Ohio has an estate tax. Am I understanding it correctly? It looks like that state takes 7% of everything after $350,000?

If I got that correctly, my sister and I would be hit with one hell of a tax bill when my parents die. $350,000 isn't a lot of money these days... most states that do have an estate tax don't tax until after 1 million. What's up with Ohio, or do I have it wrong?
Lost my parents in the late 90's and the state of ohio estate tax i thought was $600,000.00 but we payed.They had the house appraised,anything in the will of value[furniture,jewelry,cars]and money accounts.You can avoid taxes on money accounts by the state or federal govt by using P.O.D. to whoever they wish ask the bank and request P.O.D. ON ACCOUNTS... this is a must do!...can't be touched only the interest income... saved my inheritance...thanks Mom and Dad..it was freed up after only six weeks...the house was signed over to me as a gift but my mom would of had to live for three years after the fact she lasted just three months... damn cancer.Do not put family items of sentimental value or worth in your Will...my dads Aunt left him an old platinum ring that has been in the family for over 100 years it was in the Will for me and i had to have it appraised for taxes. Also don't forget the lawyers percentage of the estate... he gets more if it exceeds a certain dollar amount. Hope this helped you out.
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Old 05-05-2010, 12:19 PM
 
14 posts, read 24,847 times
Reputation: 14
The Ohio estate tax is a big reason people are leaving here in droves. One tax I can't get over is the death tax...this year its at zero then the next year it jumps to like 60+ percent!
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Old 05-11-2010, 11:37 AM
 
Location: Lakewood, Ohio
560 posts, read 1,715,244 times
Reputation: 422
Quote:
Originally Posted by MidwestCruiser View Post
The Ohio estate tax is a big reason people are leaving here in droves. One tax I can't get over is the death tax...this year its at zero then the next year it jumps to like 60+ percent!
LOL. My sister and I were joking that with our luck our parents will get hit by a bus on January 1. (We're kidding of course!)
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