Chicago Estate Tax Attorneys | Estate Tax Lawyers, Chicago

Chicago Estate Tax Attorneys | Estate Tax Lawyers, Chicago

Our Chicago estate tax attorneys offer solutions for your estate planning, with advising on how to avoid estate taxes to lessen burdens in this hard time.

Our

Chicago Estate Tax Attorneys

Provide Excellent Service in:

Our Chicago Estate Tax Lawyers Can Assist you with All Of Your Estate planning Needs:

See if you qualify for a Tax Appeal

You Don't Have to Leave Your Home For Your

Estate Tax

Matter

In this video, attorney Kevin O'Flaherty describes ways you can receive legal services from the comfort of home.

Take the Next Step: Schedule a Free Consultation With Our

Chicago Estate Tax Attorneys

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Chicago Estate Tax Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Chicago

1941 N. Elston Ave., Ste. A Chicago, IL 60642

Phone:

(312) 736-1384

E-Mail:

chicago@oflaherty-law.com

Hours: 9 am - 7 pm Monday - Friday 11 am - 3pm Saturday 11 am - 2 pm Sunday

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Some of Our Accomplishments

Naperville attorney
DuPage County Probate Attorney
Learn More About Our Firm
Chicago estate tax planning attorneys

Chicago Estate Tax Attorneys

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.

Click Here for Videos, Podcasts, and Articles by Our

Chicago Estate Tax Attorneys

Chicago Estate Tax Attorneys | Estate Tax Lawyers, Chicago

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

When to Pay Estate Tax

In this video, our Chicago estate tax attorneys takes the time to explain when to pay estate taxes on: inheritance taxes, state and federal estate taxes, and inherited retirement accounts. An inheritance tax is an amount of money due from a beneficiary who receives money or property from the estate of a deceased person. Inheritance taxes are due prior to receiving the inheritance check, so the amount received will already be reduced by the taxes owed. Federal tax exemption for a decedent’s estate depends on the exemption amount for the year of death. When it comes to state tax exemption, only a few states collect them, including Illinois. Similar to federal tax exemption, state tax exemption also depends on the exemption amount for the year of death. If an individual inherits a traditional IRA or 401k, he or she will have to include all distributions taken out in his or her ordinary federal income, and possibly state income, of that year. Inherited retirement assets are not taxable until they are distributed.

In this videoblog post, estate planning attorney Kevin O'Flaherty explains estate taxes in Illinois and when to pay estate tax.

Who is Responsible for Paying Estate Taxes?

In this video, our Chicago estate tax attorneys go into depth on what estate tax is and who has to pay these taxes. Estates are not always subject to estate tax. In Illinois, if your estate is under 4 million dollars you are not subject to state tax returns. If you do have more than 4 million dollars in your estate, then taxes on your estate are due nine months after death. The executor is the one responsible for paying for estate taxes


In this videoblog, our Chicago estate tax attorney Kevin O'Flaherty discusses who is responsible for paying estate taxes.

Can a Revocable Living Trust Avoid Estate Tax?

In this video, our Chicago estate tax attorneys explain how to avoid estate tax in a revocable living trust. Owning property in a revocable living trust removes that property from your estate for the purpose of probate, but it does not remove the property from your estate for the purpose of estate tax. Your estate for the purpose of estate tax includes property owned by a revocable living trusts, retirement accounts, and death benefits of life insurance policies that you own. Revocable Living Trusts can be used to allow married couples to take advantage of one another’s estate tax exemptions, essentially raising the threshold at which the couple has to worry about Illinois estate tax from $4 million to $8 million in assets.


In this videoblog, our Chicago estate tax attorney Kevin O'Flaherty discusses who is responsible for paying estate taxes.

Further Reading From Our 

Chicago Estate Tax Attorneys