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  • New Estate Tax Law and Estate Planning
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New Estate Tax Law and Estate Planning

As many of of our clients are already aware, President Obama signed into law the 2010 Tax Relief Act, which extended the tax cuts enacted under President Bush’s administration. This legislation restored the estate tax for 2011 and 2012 at a 35 percent tax rate for estates that are valued over $5 million. Estates valued at $5 million or less are exempt from paying any federal estate tax. (The amount exempt for couples is $10 million or less.) The new law also sets the estate, gifts and generation-skipping transfer tax exemptions at $5 million, with a 35% tax rate applying to gifts and transfers over $5 million.

Filing a Second Complaint on the Valuation of Real Property

The Ohio Supreme Court recently ruled that an Ohio taxpayer could file a second value complaint regarding the value of their real property within a 3 year period if, unlike the first complaint, the second complaint alleges a change in circumstances that were not taken into consideration in the original complaint.