Please note: Ohio is one of the few states with a stand-alone estate tax, independent of the federal estate tax. The information provided below (by subscription from a national service) is not Ohio-specific and does not contemplate the impact of Ohio law on either estate tax or probate distribution rules.
For purposes of estimating, clients should assume the Ohio estate tax is 7% of all assets above $383,333 (except life insurance with a beneficiary other than "estate".) There is no longer a federal credit for state estate tax.
Ohio law exempts from probate (and therefore exempts from instructions in a Will) some assets for married couples, such as two cars (including pickup trucks and motorcycles) and one boat, motor and trailer. However, whether an asset is or is not a probate asset does not affect whether or not the asset is subject to Ohio estate tax.
Copyright Huddleston Law Offices, LPA Materials may not be reprinted or used without written permission
The subject matter information presented on this website is of a general nature, designed to provide an overview of various subjects, and most of it is not Ohio-specific. The authors, publisher and host are not providing legal, accounting, or specific advice to your situation.