TOD tax implications

[junior216]

What is the name of your state Ohio

If a simple bank account is set up as a TOD, upon death of the original owner will the named benificiery owe any type of estate taxes or will the beneficiery inhert the full amount in the account. And the same question for a POD account.

 

[frankrozanc]

POD estate taxes.

In either case, it depends on the total value of the decedent's estate. Under current Ohio law, there is no state estate tax owed if the estate is worth less than $ 339,000.00. The tax is levied on the total estate, not on individual items.