Ohio § 5731.39

§ 5731.39.

This section does not apply to, and the written permission of the tax commissioner

is not required for asset transfers with respect to, decedents dying on or after January

1, 2013. (A) No corporation organized or existing under the laws of this state shall transfer

on its books or issue a new certificate for any share of its capital stock registered

in the name of a decedent, or in trust for a decedent, or in the name of a decedent

and another person or persons, without the written consent of the tax commissioner. (B) No safe deposit company, trust company, financial institution as defined in division (A) of section 5725.01 of the Revised Code , or other corporation or person, having in possession, control, or custody a deposit

standing in the name of a decedent, or in trust for a decedent, or in the name of

a decedent and another person or persons, shall deliver or transfer an amount in excess

of three-fourths of the total value of such deposit, including accrued interest and

dividends, as of the date of decedent's death, without the written consent of the

tax commissioner.  The written consent of the tax commissioner need not be obtained prior to the delivery

or transfer of amounts having a value of three-fourths or less of said total value. (C) No life insurance company shall pay the proceeds of an annuity or matured endowment

contract, or of a life insurance contract payable to the estate of a decedent, or

of any other insurance contract taxable under Chapter 5731. of the Revised Code, without

the written consent of the tax commissioner.  Any life insurance company may pay the proceeds of any insurance contract not specified

in this division (C) without the written consent of the tax commissioner. (D) No trust company or other corporation or person shall pay the proceeds of any death

benefit, retirement, pension, or profit-sharing plan in excess of two thousand dollars,

without the written consent of the tax commissioner.  Such trust company or other corporation or person, however, may pay the proceeds

of any death benefit, retirement, pension, or profit-sharing plan which consists of

insurance on the life of the decedent payable to a beneficiary other than the estate

of the insured without the written consent of the tax commissioner. (E) No safe deposit company, trust company, financial institution as defined in division (A) of section 5725.01 of the Revised Code , or other corporation or person, having in possession, control, or custody securities,

assets, or other property (including the shares of the capital stock of, or other

interest in, such safe deposit company, trust company, financial institution as defined

in division (A) of section 5725.01 of the Revised Code , or other corporation), standing in the name of a decedent, or in trust for a decedent,

or in the name of a decedent and another person or persons, and the transfer of which

is taxable under Chapter 5731. of the Revised Code, shall deliver or transfer any

such securities, assets, or other property which have a value as of the date of decedent's

death in excess of three-fourths of the total value thereof, without the written consent

of the tax commissioner.  The written consent of the tax commissioner need not be obtained prior to the delivery

or transfer of any such securities, assets, or other property having a value of three-fourths

or less of said total value. (F) No safe deposit company, financial institution as defined in division (A) of section 5725.01 of the Revised Code , or other corporation or person having possession or control of a safe deposit box

or similar receptacle standing in the name of a decedent or in the name of the decedent

and another person or persons, or to which the decedent had a right of access, except

when such safe deposit box or other receptacle stands in the name of a corporation

or partnership, or in the name of the decedent as guardian or executor, shall deliver

any of the contents thereof unless the safe deposit box or similar receptacle has

been opened and inventoried in the presence of the tax commissioner or the commissioner's

agent, and a written consent to transfer issued;  provided, however, that a safe deposit

company, financial institution, or other corporation or person having possession or

control of a safe deposit box may deliver wills, deeds to burial lots, and insurance

policies to a representative of the decedent, but that a representative of the safe

deposit company, financial institution, or other corporation or person must supervise

the opening of the box and make a written record of the wills, deeds, and policies

removed.  Such written record shall be included in the tax commissioner's inventory records. (G) Notwithstanding any provision of this section: (1) The tax commissioner may authorize any delivery or transfer or waive any of the foregoing

requirements under such terms and conditions as the commissioner may prescribe; (2) A home, as defined in section 3721.10 of the Revised Code , or a residential facility licensed under section 5119.34 of the Revised Code that provides accommodations, supervision, and personal care services for three to

sixteen unrelated adults, may transfer or use the money in a personal needs allowance

account in accordance with section 5162.22 of the Revised Code without the written consent of the tax commissioner, and without the account having

been opened and inventoried in the presence of the commissioner or the commissioner's

agent. Failure to comply with this section shall render such safe deposit company, trust

company, life insurance company, financial institution as defined in division (A) of section 5725.01 of the Revised Code , or other corporation or person liable for the amount of the taxes and interest due

under the provisions of Chapter 5731. of the Revised Code on the transfer of such

stock, deposit, proceeds of an annuity or matured endowment contract or of a life

insurance contract payable to the estate of a decedent, or other insurance contract

taxable under Chapter 5731. of the Revised Code, proceeds of any death benefit, retirement,

pension, or profit-sharing plan in excess of two thousand dollars, or securities,

assets, or other property of any resident decedent, and in addition thereto, to a

penalty of not less than five hundred or more than five thousand dollars.