Federal Estate Tax Changes
Akron Federal Estate Tax Attorney
Recent changes to federal estate tax law have made it inapplicable to many. However, Ohio is one of few states that still levy a state estate tax. If Ohio law applies to your loved one's estate, it is important that you speak with a lawyer qualified to determine your Ohio estate tax liability.
Since 1985, the attorney at the Law Office of Margaret H. Kreiner has given dependable and effective federal and state tax management advice. Contact an experienced Akron federal estate tax lawyer today to discuss your potential federal and Ohio estate tax liability.
Akron Unified Credit Lawyer
As of January 2011, only those estates worth more than $5 million are subject to federal estate tax, making it inapplicable to the average American citizen.
Although some might view this change as eliminating the need to manage estate taxes through careful estate tax planning, it is important to note that this estate tax law is only effective for two years and may change again.
Even if the laws regarding federal estate tax do not change, effective tax management of estate plans is still necessary if Ohio law applies to your loved one's estate. Under Ohio tax law, estates worth more than approximately $338,333 will be subject to estate tax.
Some people may be more concerned with the "carryover basis" of their inherited property. Carryover basis is the transferred value of the property you inherited — if you attempt to sell your inheritance, you are taxed on the difference between the sale price and adjusted original value of the property. Our estate tax planning attorney can help manage the tax consequences of such a sale.
If you received an inheritance with a low original value that has now become more valuable, it is particularly important to speak to an attorney to discuss the complicated tax implications if your loved one passed away in 2010.
Ohio Tax Reduction Attorney
For more information about how federal and Ohio estate tax applies to you, contact our Akron unified credit attorney at the Law Office of Margaret H. Kreiner in Cuyahoga Falls.