Administrative and Statutory Changes

Changes Effective January 1, 2001 Regardless of the Date of Death of the Decedent

Safe deposit box inventory

Now in effect is the elimination of the requirement that the Franklin County Auditor's Office conduct an inventory of safe deposit boxes upon the death of the owner, co-owner or any other person having access to the box. This includes self-storage boxes currently in use by several financial institutions or any other receptacle that may be deemed a "safe deposit box" under any definition or policy manual. This policy change applies to both resident and non-resident decedents of the state of Ohio. A formal tax release is no longer required to release the contents of a safe deposit box and financial institutions may permit access to all decedent boxes, though our office must still inventory safe deposit boxes as part of the process of establishing a guardianship.
 

 
Statutory Change

Changes for dates of death on or after January 1, 2001

In the past, an Ohio Estate Tax Return was required for estates with a value of $25,000 or more and with an estate tax credit of $500. The new statute, which affects dates of death on or after January 1, 2001, requires that an estate tax return must be filed only for estates with a gross value of more than $200,000, with an estate tax credit of $6,600. The executor or administrator of the estate is responsible for filing the return with the county probate court where the decedent resided. For dates of death in 2001, the percentage of Ohio estate tax paid to local governments increased to 70 percent.

Changes for dates of death on or after January 1, 2002

For any dates of death on or after January 1, 2002, an estate tax return must be filed only for estates with a gross value of more than $338,333, with an estate tax credit of $13,900. The executor of administrator of the estate is responsible for filing the return with the county probate court where the decedent resided. For dates of death in 2002, the percentage of Ohio estate tax paid to local governments increased to 80 percent.

Tax release requirements

Applications for consent to transfer property of a resident or non-resident decedent will no longer be required for assets equal to $25,000 or less per account. This applies to decedent name only, joint and payable on death accounts.