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2012 Oregon Estate Tax - Portland, Oregon.

January 13, 2012

Oregon passed a new estate tax law effective January 1, 2012.  For Oregon residents, the exemption on state estate taxes is $1 million.  Oregon only taxes the amount of the estate over $1 million (compared with taxing the entire estate once the taxable estate went above $1 million under the old Oregon inheritance tax)  The new tax rates start at 10% for first dollar over $1 million and increase to maximum rate of 16% for estate values over $9.5 million.  These new rates result in lower taxes for taxable estates under $2 million but higher taxes for estates over $2 million.  Oregon still does not tax lifetime gifts.  However, capital gains tax exposure on low basis capital assets need to be considered when making lifetime gifts.

Having a plan in place to be prepared for current estate tax laws can be a difficult task. Getting an experienced Estate Planning Attorney involved can give you the direction you need to put you family at ease. Contact the estate planning attorneys with the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.