Florida Community Property Trust For Ohio Resident and The Upcoming Estate Tax Cliff with Craig R. Hersch | Repair the Roof Podcast

Repair The Roof - Estate & Retirement Planning Podcast

Did you know that Ohio residents have the opportunity to leverage some of Florida's unique tax advantages? Listen in as tax attorney Craig Hersch from the Sheppard Law Firm does a deep dive into the Florida Community Property Trust statute.

Along with our host Ted Gudorf, he and Craig share how owning trusts in Ohio (and other common law states) can help you achieve a full step-up in basis for capital gains tax purposes upon a spouse's death, potentially eliminating those capital gains taxes for your heirs. Even Ohio farmers who own highly appreciated land can take advantage of this statute!

Craig also discusses what you need to know ahead of the 2025 federal estate tax changes, including strategies to leverage the increased gift and estate tax exemption before the law changes take effect. He shares insights on how irrevocable trusts can protect assets, and how to utilize the generation-skipping transfer tax exemption to preserve wealth across generations.

Key Topics:

• About Florida’s Community Property Trust Statute (1:12)
• Capital Gains Tax Versus Ordinary Income Tax (4:24)
• What Happens if You Pass Away While in Ownership of a Highly-Appreciated Asset? (5:17)
• Your Advantages as a Resident of a Common Law State (9:45)
• What Exactly Does a “Community Property Trust” Mean? (11:32)
• Properties Which Qualify for Community Property Trust Treatment (15:47)
• How the Statute Specifically Affects Ohio Residents (18:47)
• The Tax Advantages of a New Widow or Widower Upon the Death of Their Spouse (24:04)
• The Current Exemption Amount (26:46)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube