Determining Gross Estate Value in Ohio

[jillnmcf]

What is the name of your state? OHIO

I am trying to determine if my father's estate exceeds the $338,333 limit for filing and are unsure how some things are included. We have an attorney but need to transfer some properties and we need an estate tax exemption form to proceed with transfer.

a) Life insurance was all left to beneficiery. Three policies had a cash value that did not exceed the death benefit. Is the cash value included in gross value of estate?

b) Father and daughter jointly own farm that has been in CAUV program for years. Do we use market value or CAUV value in determining gross estate value? Do we use 1/2 of that value since farm is owned jointly.

c) Father and daughter registered as JT WROS on Vanguard investment account. (This is the property we are in the process of transferring.) Is the whole value of this account used in determining gross estate value or only 1/2 of value.

d) Are POD accounts included in estate gross value?

Thank you!

 

[seniorjudge]

a) Life insurance was all left to beneficiery. Three policies had a cash value that did not exceed the death benefit. Is the cash value included in gross value of estate?

A: This goes outside of probate (unless the policies were made payable to the estate).


b) Father and daughter jointly own farm that has been in CAUV program for years. Do we use market value or CAUV value in determining gross estate value? Do we use 1/2 of that value since farm is owned jointly.

A: Ask a real estate appraiser about this one.


c) Father and daughter registered as JT WROS on Vanguard investment account. (This is the property we are in the process of transferring.) Is the whole value of this account used in determining gross estate value or only 1/2 of value.

A: See answer to A.


d) Are POD accounts included in estate gross value?

A: See the answer to A.


The BEST and most CORRECT answer is, however, ask an Ohio estate attorney these questions.

 

[anteater]

I'll tell you what I know and punt on the farm question.

If the insurance was payable to the beneficiary rather than the estate, it is not included in the gross taxable value of the estate.

Jointly-held assets, where the other owner is not the surviving spouse, are presumed to be 100% owned by the decedent unless you can demonstrate otherwise. In essence, if you can't prove that the surviving owner(s) contributed to the account, then it is 100% part of the deceased's gross taxable estate.

POD accounts would be included. The deceased was the owner. (Yeah, the life insurance industry gets all the tax breaks. What the heck, they paid for them.)

If you want to research yourself, go here: http://onlinedocs.andersonpublishing.com/oh/lpExt.dll?f=templates&fn=titlepage.htm

Click the Revised Code and look for Title 57 and Section 5731.

 

[frankrozanc]

What is includible in the gross estate for estate tax purposes?

As to the farm, the court will appoint an appraiser to come to a fair market value. It is presumed to be 100% owned by the decedent, unless contribution by the joint party can be proven.