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For tax purposes, there is an unlimited deduction between spouses who are U.S. citizens. Thus, any amount you leave to your spouse transfers free of federal and Ohio estate taxes. This can be helpful if used properly in an estate plan. However, many people do not realized the full potential benefit of this tax safe-harbor. For example, if either spouse has, or husband and wife jointly have, a NET WORTH of an amount greater than the exemption equivalent, good tax planning usually suggests that when the first spouse dies they not leave all their property to the surviving spouse outright. Good planning suggests that usually part of their property is transferred into a trust or life estate, or leave it directly to other heirs. A trust or life estate can ensure the surviving spouse has access or use of the property during her life. At our office conference we can help you decide whether it makes sense for you to leave some property to a trust, life estate, or other heirs.
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