The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed until the child reaches age 25 if specified in writing.Oregon has a state income tax, structured as a progressive tax on income.
Tax rates range from 4.75% - 9.9%.
Oregon does not impose an inheritance tax.
Oregon imposes a stand-alone estate tax based on the taxable estate determined under federal law with adjustments.
The exemption amount is $1,000,000.
The tax rates increase from 10% on the taxable estate in excess of $1,000,000 and less than $1,500,000, to 16% on the taxable estate in excess of $9,500,000.
However, Oregon offers a special, additional estate tax exemption for up to $15 million for certain kinds of Oregon family-owned businesses.
Oregon does not impose a GST tax.
Oregon does not impose a gift tax.
The minimum age of a person competent to make a will is 18, or younger if the person has been legally married.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when:
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. The transfer can be delayed until the child reaches age 25 if specified in writing.
The minor child reaches age 18 in regard to other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate assets go to the surviving spouse, as follows:
If there are no descendants—100% of the estate
If there are one or more surviving descendants, all of whom are also descendants of the spouse—100% of the estate
If there are one or more surviving descendants, one or more of whom are not descendants of the spouse—50% of the estate
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% to the descendants, by representation (see ORS 112.065)
If there is no surviving spouse or descendant:
100% to surviving parent or parents equally
If there is no surviving spouse, descendant or parent:
100% to siblings, by representation (see ORS 112.065)
If there is no surviving spouse, descendant, parent or sibling:
100% to the descendants of siblings, by representation (see ORS 112.065)
If none of the above:
Intestacy laws outline further distribution steps to the level of grandparents and related individuals. See ORS 112.045(4), (5).
If no legally described recipient can be found, estate assets go to the state of Oregon.
Click here for more information on intestacy.
Non-qualified Annuities: A total amount of $500 per month is protected.
Life Insurance Cash Value: Exempt from creditors of the insured or original owner (unless the beneficiary is the same).
Life Insurance Proceeds: Exempt from creditors of the insured or original owner (unless the beneficiary is the same).
Digital Assets: Oregon follows the Revised Uniform Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition.
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