Legal Question in Tax Law in Ohio

Estate Tax or Inheritance Tax

My siblings and I will be receiving some proceeds from my mother's estate. At this point, I do not know how much we each will be receiving (there are 6 of us).

How should we prepare for the taxes? Are there estate and inheritance taxes for Ohio? Federal, too? Will the taxes be deducted before we receive our shares?

thanks!


Asked on 6/09/06, 12:54 pm

1 Answer from Attorneys
Russell Golowin Golowin Legal, LLC

Re: Estate Tax or Inheritance Tax

There are state and federal estate taxes. The federal estate tax is almost a 50% rate, and starts at assets of $2 million for a single person. The Ohio Estate tax begins on assets over $338,000 and is around 4-7%.

Generally, estate tax is paid by the estate, not the beneficiary. If you have questions, contact the probate attorney for details.

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Answered on 6/09/06, 1:28 pm


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