In the State of Ohio, we no longer have a state level estate tax, though there are States that still do have death taxes on the state level.
You can transfer as much as $5.25 million to people other than your spouse free of transfer taxes. Any transfers that exceed this amount would potentially be subject to a 40 percent federal levy.
There are legal techniques that can be utilized to keep your exposure to a minimum even if your assets exceed $5.25 million in value. The wise course of action is to discuss your options with a licensed estate planning attorney so that you can take the appropriate steps to preserve your wealth.
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Barry H. Zimmer founded Zimmer Law Firm in June 1993, to practice in the areas of Estate Planning, Estate Administration, and Business Succession Planning. His goal was and continues to be helping clients understand and de-mystify the often confusing world of Estate Planning in an ever-changing society, and to implement effective Estate Planning with minimal effort and time investment.
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