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Inheritance Tax - State of Oregon

Inheritance Tax - State of Oregon 2025

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The document provides detailed instructions for filing the Oregon Inheritance Tax Return (Form IT-1) for estates of decedents who died on or after January 1, 2006. It outlines the purpose of the form, filing requirements, payment deadlines, and necessary documentation. The executor is responsible for calculating and reporting the estate tax based on the gross estate's value, which must exceed $1,000,000. The document also includes information on elections by the executor, penalties for late filing or payment, and taxpayer assistance resources.

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Does a trust avoid Oregon estate tax?

The deceased spouses estate typically funds the B Trust (also known as the Family Trust) up to the Oregon exclusion amount, currently $1 million. This protects the first $1 million from estate tax since taxes are only applied to amounts over the $1 million exclusion.

Is it better to have a will or a trust in Oregon?

Individuals who want to distribute their assets during their lifetime or have more control over their estate planning should consider creating a trust, while those who want a simpler and less costly process may opt for a will.

What is the order of inheritance in Oregon?

The order of the hierarchy starts with your spouse (if you are married), then your children, your grandchildren, your parents, your siblings, aunts and uncles, cousins, and so on. If you have absolutely no surviving relatives, the State of Oregon inherits from you.

Does a trust avoid probate in Oregon?

A person who creates a revocable living trust may do so because it allows her to avoid probate, which is the court process of settling the estate of someone who has died.

How much can you inherit in Oregon without paying taxes?

Proactive estate planning is essential to minimize tax burdens, protect assets, and ensure the seamless fulfillment of personal wishes and long-term goals. Oregons estate tax exemption amount of only $1,000,000 was set in 2001 and is not pegged to inflation.

How to avoid paying Oregon estate tax?

Oregon Estate Tax Strategies Make lifetime gifts. Use an irrevocable life insurance trust (ILIT). Donate via a charitable trust. Employ a family limited partnership. Use a qualified personal residence trust (QPRT).

What is the most you can inherit without paying taxes?

Many people worry about the estate tax affecting the inheritance they pass along to their children, but its not a reality most people will face. In 2025, the first $13,990,000 of an estate is exempt from federal estate taxes, up from $13,610,000 in 2024.

Inheritance Tax - State of Oregon 2025

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