Does Reducing Probate Assets Reduce Estate Taxes?
It is a common misconception that only probate assets are subject to estate taxes. Non-probate assets such as joint and survivorship assets and trust assets must also be included in the decedent’s Ohio Estate Tax return. In the Ohio Estate Tax return, certain items may be deducted such as debts, administration expenses, and charitable gifts. In addition, other deductions and exemptions may be available that would also reduce the tax due. Avoiding probate does not mean avoiding estate taxes.
