Is an Estate Financial Tax Aspect of your State’s Income Approach?

The topic of a state-imposed Estate Financial tax or an inheritance tax (where the person receiving the cash, the beneficiary, is taxed) hardly ever enters the news stream.

We’re conditioned to believe that we do not will need Estate Financial organizing tools including trusts unless our assets exceed a lofty figure such as $1 million or more because the federal government has historically exempted such amounts from the federal tax.

But if you live in Ohio, by way of example, your Estate Financial could be taxed 7% by the state just after only the initial $338,333 was exempted.

What the Feds Did and What to Anticipate From the States

For 2011-2012, the federal government exempted as much as $5 million per individual from Estate Financial taxes. Amounts above this are taxed at 35%. Had a new law not been …