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Gift Taxes, Ohio and Federal

Jim Polson and, Russell Cunningham (November, 2003)

Summary

One of the most commonly used tools to reduce the size of an estate is “gifts.” A long-term plan to make gifts can result in substantially reduced estates. Gifts to charity, during life, have the additional benefit of qualifying for an income deduction. Property that is left to a charity, in the will or trust, is not subject to Ohio or federal estate tax. Some people with large estates leave any property subject to federal estate tax to a favored church or charity rather than have half of it go to various government agencies and the attorney.