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Estate Administration

 

I.         Transfer Of Assets:

             A.           
Probate

             B.            
Non-Probate:         Payable on Death (POD)Designations

                                                               Transfer on Death (TOD) Designations

                                                               Joint and Survivorship Ownership

Trusts


II.         Estate Taxation:

              A.         
Ohio:       Deaths in 2012: Exemption was $338,333. 

                                             Deaths in 2013 and thereafter: Estate tax is repealed.

                                             Return is due 9 months from date of  death.

              B.          Florida:   No Estate Tax    


              C.          Federal:      Deaths in  2021: Exemption is $11,700,000.

                                          Deaths in  2020: Exemption is $11,580,000.

                                          Exemption is indexed for inflation going forward.

Return is due 9 months from date of death.

Return is required to transfer deceased spouse's unused exemption to the surviving spouse.


III.        
Income Taxation:

              A.         
Final 1040 for Federal/State/Local: Due: April 15 (Federal and State)
                                                                                                              

               B.           Estate or Trust Form 1041:    Due: 3 months and 15 days following close of 
                                                                                 fiscal year.

 

 



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Westlake, Ohio  44145
(440) 892-2040

 

 

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