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In this article we will explained how irrevocable trusts are used for estate tax planning purposes and how irrevocable trusts work with respect to gift taxes. We explain how estate and gift tax work both federally and in Illinois. We answer the questions, what is a trust?, how do irrevocable trusts work?, are assets owned by an irrevocable trust subject to estate tax?, what are “Crummey Powers” for irrevocable trusts?, how are irrevocable trusts used to minimize estate tax?, and what are the advantages of irrevocable trusts for estate planning?
In this article, we explain who is responsible for paying estate taxes in Illinois, including “when is an estate required to file an estate tax return in Illinois?”, “which assets are subject to estate tax in Illinois?”, and “who is responsible for filing an estate tax return and paying estate taxes in Illinois?”
In this article, we explain how the new federal tax law will affect estate tax planning strategies for Illinois residents in 2018 and beyond. The short answer is that even though the new tax law raises the federal estate tax exemption, estate tax planning strategies should not change for most Illinois residents. We will explain generally how estate tax works and discuss some basic strategies that we use to help our clients minimize it. We will then discuss the impact of the 2017 federal tax law and explain why the new law should not change your estate planning strategy.
This article is the sixth in a series of nine articles explaining the Eight Goals of a Good Estate Plan. In this article we will explain estate tax and discuss some tools used to avoid it or minimize it.
What is Estate Tax?
In addition to the taxes that you pay during your lifetime, both the federal and the Illinois state governments require your estate to pay a tax before passing to your heirs. The good news is that both the federal and state estate taxes are subject to exemptions. If the value of your estate is less than the applicable exemption the estate tax in question will not apply. Only amounts over and above the applicable exemption are taxable.