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Q:

Does the State of Ohio have a gift tax?

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No. The only gift tax that Ohio residents need be concerned with is the federal gift tax. Q: I'm a little confused about the federal estate tax. What is it and how does it work? A: The federal estate tax is a "death tax"--a tax imposed on money or property that is transferred following someone's death. The tax is usually paid by the deceased person's estate or by those who receive property as a result of the person's death. Q: I have heard that the federal gift and estate tax rates are pretty high. Is this true? A: Yes. Once one of the exclusions is fully used, the tax rates kick in at 41 percent to 46 percent, depending upon whether the transfer is made during lifetime or at death. These beginning rates are high, but for larger gifts, the rates can go higher. The steep estate and gift tax rates mean that if you and/or your estate have used up the applicable federal exclusion, every $10,000 of taxable gifts will produce a minimum of $4,100 in tax. This is a hefty cut and can come as ... more
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