Country Counsel by: Robert Moore
THE recent state budget includes a repeal of the Ohio estate tax beginning in 2013. This development is certainly good for Ohio farmers who tend to be “land rich and cash poor.” For many Ohio farmers, the estate tax repeal will save tens of thousands of dollars in their estates. With the current federal estate tax exemption at $5 million per person, a married couple must have more than $10 million before they are subject to federal estate taxes. Under current state and federal law, the vast majority of Ohio farm estates are not subject to any estate tax…Download full article here.