Blog Entries - 2017

Trump's Tax Bill - How does it effect Estate Taxes

Posted on: December 29, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
The new tax bill known as “Tax Cuts and Jobs Act of 2017” includes significant changes to the federal estate, gift and generation-skipping transfer (“GST”) tax laws, which became effective January 1, 2018.  While there has read more …

Calculating the Required Minimum Distribution for ANY Beneficiary of an Inherited IRA

Posted on: November 14, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
CALCULATING THE REQUIRED MINIMUM  DISTRIBUTION FOR ANY INHERITED IRA BENEFICIARY FACTS  Thelma dies and names John (non-spouse) as beneficiary on her IRA beneficiary form.  A new account is created for John titled "Thelma Inherited IRA read more …

No Estate Tax in Ohio?

Posted on: August 1, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
The Ohio Estate Tax was repealed January 1, 2013.  The Federal Estate tax has an exemption of 5.49 million (Indexed for inflation).  You could, nevertheless, still be subject to estate taxes if you inherit from someone who lives in a state that read more …

History of the Federal Estate Tax

Posted on: May 18, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
Federal Estate Tax History. An estate tax is a tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law.  The estate tax is mostly imposed on assets left to heirs, but it does not apply to read more …

Changes in Ohio Probate Law

BILL SUMMARY - Ohio Legislative Service Commission Probate Law -Specifies that a will deposited by or for the testator in the office of the judge of the probate court of the county in which the testator lives may be so deposited before or after the read more …

Presentation of a Claim in an Estate

Posted on: April 19, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
Estate Claim Must Be Presented Directly to Executor/ Administrator THE RULING: The Ohio Supreme Court ruled that Ohio law requires a claim against an estate to be filed within six months after the death of the decedent mailed directly to the Executor or read more …