Do I Have To Pay Inheritance Tax Or Estate Tax?
For the vast majority of estates in Ohio, heirs and estates typically do not owe an estate tax. Ohio has eliminated their state estate tax as of January 1, 2013 and the federal estate tax threshold is higher than about 99% of the estates that are actually filed in Ohio. These federal estate tax thresholds typically change every couple of years. Thankfully, the majority of the estates filed in Ohio are not required to pay any federal estate tax and none are required to file Ohio estate tax after.
How Long Does The Inheritance Process Generally Take?
There are several factors for how long the inheritance process in Ohio takes to inherit. Typically, if we are going through the probate process, we like to tell clients that the probate process can be done in as quickly as 6 months and it can take up to 12 months. Some estates can last even longer than that 12 month period. If we have only non-probate property after someone’s death, we typically tell our clients that the process can take anywhere between 2 and 4 months to distribute to beneficiaries. If you think about life insurance policies, selling real estate, and transferring real estate that’s transferable on death, there are different deeds and affidavits that need to be prepared, and there are transfers that need to occur for non-probate property. Just like the probate process, the non-probate property has extensive paperwork and deadlines that need to be met. Clients can anticipate that transfer of property to take between 2 and 4 months for non- probate, and between 6 and 12 months for probate property.
My Ex-Husband Has Passed Away. Am I Entitled To Anything?
Under Ohio law, an ex-spouse, by law, is disinherited as a beneficiary. The law is written in this manner because there is a presumption that the deceased individual did not wish for their ex-spouse to inherit their estate. Often we see marriages end in divorce and they have created an estate plan or they have named an ex-spouse on their 401(k), their IRA, or their life insurance policy. People tend to get nervous to think that the ex-spouse would inherit, and the answer is they would not. There is an Ohio law in place that prevents this from occurring and it prevents any windfall for that ex-spouse.
I Am The Main Beneficiary Of A Will That Doesn’t Name Any Executors. What Should I Do?
You should contact a probate attorney to discuss your options. There are a few options and one of the options would include you filing with the court to become the administrator of the estate. That would help you ensure that you get the assets that were left to you if you were the administrator of the estate. Now, I would caution someone in doing that on their own, without first consulting an attorney because that can subject you to several other obligations because you are now the fiduciary of the estate.
My Mother Has Died But I Can’t Find Her Will. What Should I Do?
If someone dies without a will in Ohio, that estate would need to be probated as if there was no will. When someone dies without a will, they are said to have died intestate. When an individual dies intestate, there is an Ohio intestacy statute in how the beneficiaries are determined and how assets are distributed. The Ohio legislature came up with what they felt most people would do if they were to execute a will, it would pass per stirpes to the deceased’s family.
For more information on Inheritance Or Estate Tax In Ohio, a free initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (937) 716-2033 today.
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