Do I need to be concerned about estate taxes when I die? That depends upon the value of the assets you own when you die. There is no Ohio estate tax, and the federal estate tax does not enter the picture unless your assets are valued at more than $11 million ($22 mil for a married couple). In calculating the value of your assets, don’t forget to include life insurance death benefits, retirement plans and collections of things such as antiques. After you determine the total value, you should discuss this issue with your estate planning attorney.
-Attorney Jack N. Alpern