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“Is the marital deduction that nis the question i m gonna be answering for you you today on ohio nestate and probate q and a i m your host scott and this nis. The show. Where i answer questions that you have involving nthe estate planning and probate process. Here in ohio.
If nyou have questions about estate planning and probate you ncan go to denver law. Dot com. Slash meeting and schedule a time nto talk that s denver law. Dot com.
Slash meeting and schedule na time to talk over the phone or in person to discuss your nestate planning and probate needs you may have heard the phrase nmarital deduction before when it comes to a state planning nso what i m gonna do today is a little bit about what it is nand what it means now the marital deduction is a part of the nestate tax law at the federal level so you know as you nmay..
Know ohio at the state level. Does not have an estate tax nanymore. However. A federal estate tax still exists specifically nas of right now.
It comes in for a states that are greater nthan approximately 11 million dollars. No now when nit comes to this. Though. If you were to pass away with and you are nsurvived by your spouse.
You know indiana..
A state tax may not nbe immediately do so long as everything ends up going over to nyour spouse. Because there s something called the marital deduction nthat make sure that you know surviving spouses aren t forced nto liquidate their assets just in order to pay uncle sam so nessentially what the marital deduction does is that it allows nthe surviving spouse to defer having to pay that tax so there s nan unlimited marital deduction right now that is equal nto the amount that the estate tax essentially would come into nplay. So what that means is that if you were to pass away and nyour spouse was to inherit you know the remainder of of your nassets. What your spouse can do at that point is elect the marital ndeduction and not have to defer or in at that point be able nto defer you know having to pay taxes on it until her own death nor until the passing of of the second spouse.
So at that point nit doesn t really replace having to pay a state taxes. It njust defers it until later however in order for this to happen nthe surviving spouse has to survive by six months so if nthey have the occurs at the same time or if there s a simultaneous ndeath you really can t have that happen so this is a situation nthat attorneys. When it comes to higher net worth of states nlook into when it comes to planning estates for clients. It s nsomething that you wanna make sure that your attorney is naware of and something that is being maximized.
Now there are nadditional ways that you can you know you can utilize the marital ndeduction in terms of trust..
Planning and the like and nreal. It s just one form or one part of a greater form in terms nof estate planning. When it comes to clients that have to concern nthemselves with the federal estate tax. Hopefully this ngives you a little bit of an idea of what the mayor of deduction nis and when it applies.
If you have questions about that or nplanning your own estate. Let me know you can go to denver law. Ndot. Com.
Meeting and schedule a time to talk once again nmy. Name. Is scott hofburg. And i look forward to talking to nyou again on a future episode.
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