Legal Question in Wills and Trusts in Ohio
An Ohio estate has all assets payable on death (POD) or transfer on death (TOD) in order to avoid probate. Three children are left assets, divided as follows:( 20%, 40%, 40%). Two of the three children are co executors.
The estate is sizable and will owe taxes.
The will states that the estate shall pay all taxes. Since the estate now has no money, who pays the taxes and how much?
Asked on 5/09/12, 12:20 pm
1 Answer from Attorneys
Christine Socrates
Meyers, Roman, Friedberg & Lewis
The estate will still have to pay taxes even though there is not a probate estate. Avoiding probate does not avoid Federal or Ohio Estate Taxes. The taxes will be based on the value of assets in the decedent's name at the time of death.
Answered on 10/30/12, 9:51 am
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