During the last ten years, Congress has made it easier to save taxes by permitting the passage of greater amounts of wealth from one generation to the next. One of the simplest means of saving estate taxes is to give money away while you are still alive. No reporting is required for gifts up to $13,000 per person per year.

On June 30, 2011, Ohio Governor John Kasick signed a new law repealing the Ohio estate taxes. This law will be effective January 1, 2013.

Ohioans dying before that date will remain subject to Ohio estate taxes.

For individuals dying after December 31, 2010, a federal estate tax is imposed at a rate of 35% on estates over $5 million, with the exemption amount to be indexed for inflation. A Generation Skipping Transfer (GST) Tax is imposed at a rate of 35% for 2011 and 2012 with an exemption of $5 million.

Did you win the lottery and wish to remain anonymous when claiming your prize?

Call estate planning attorney Ed Bender at (513) 852-6002. Mr. Bender has experience in guiding clients through the lottery claim process while keeping their identity hidden from the general public