Legal Question in Wills and Trusts in Ohio
My grandmother recently passed away in ohio, and I live in ohio also. She left her pension fund between the 3 of her grandchildren. Do we have to worry about paying income tax on that? Or what kind of taxes do we have to worry about? From what my mother's attorney said it was less then a million dollars in the pension plan.
2 Answers from Attorneys
You may have income tax as distributions are received from the pension plan. You also may be reponsible for Ohio estate tax which starts on estates greater than $338,333.00.
It depends on the value of your grandmother's TOTAL estate on her date of death. If she died in 2010, there is will not be any estate tax. However, if she died in 2009, then there will be federal estate tax if her total estate was over $3.5 million. Also, there is income tax on distributions taken from the pension plan and Ohio estate tax. Any further questions, please contact my office at http://www.socrateslegal.com .
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