Our experienced and affordable Chicago estate tax attorneys will handle your advanced estate tax planning that assists you in eliminating or minimizing estate taxes from your estate. We assist with the creation of detailed estate plans that minimize Chicago estate taxes but also can help with existing estate plans to mitigate costs.
Please contact our friendly
Chicago Estate Tax Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
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Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
In this Learn About Law podcast & videoblog, Chicago estate tax attorney Kevin O'Flaherty of O'Flaherty Law explains estate tax and discusses some tools used to avoid it or minimize it.
In this article, our Chicago estate tax attorneys discuss some of the tools available that help to reduce taxes in Chicago estates by using irrevocable trusts. Federal and state estate taxes are placed on the assets of a deceased individual over and above that individual’s lifetime gift and estate tax exclusion limit.
Someone who seeks to reduce the amount of taxable assets in their taxable estate can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets and money into it. For more information how irrevocable trusts help to reduce or avoid estate taxes click on the link below.
In this video, Chicago estate tax attorney Kevin O'Flaherty discusses the tax implications of gifts within an estate.
Gift taxes are taxes levied on certain gifts made. These taxes are applied to the giver and not the recipient of the gift. These taxes are applied only if it is over the federal exclusion amount and the person giving it has used their lifetime exclusion. In this article, our Chicago estate tax attorneys explain gift taxes in Illinois and also on the federal level and answer questions including:
In this video, Chicago estate tax attorney Kevin O'Flaherty explains Grantor Retained Income Trusts, Grantor Retained Annuity Trusts, and Grantor Retained Unitrusts
In this article, our Chicago estate tax attorneys explain:
Each of these are similar types of irrevocable trusts that can be used in sophisticated estate plans that assists in receiving assets from a taxable estate while also allowing it to receive a monetary benefit from assets during the plans' lifetime.