Our Downers Grove estate tax attorneys will amaze you with our above-and-beyond client service and affordable rates. They have the experience in advanced estate planning necessary to assist you in minimizing or eliminating estate tax when you pass.
Please contact our friendly
Downers Grove Estate Tax Attorneys
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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.
Downers Grove 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 Downers Grove estate tax lawyers explain ways to minimize and avoid federal and Illinois estate tax. The Illinois estate tax exemption is $4 million. This means that any assets that you possess above $4 million will be taxable when you pass. However, attorneys can use AB trusts to allow spouses to take advantage of each other's estate tax exemptions, which can effectively raise your exemption as a couple to $8 million.
Irrevocable life insurance trusts are used by attorneys to remove the death benefit of your life insurance policies from your taxable estate.
The article goes on to describe the functions of grantor-retained annuity trusts, grantor-retained interests trusts, and grantor-retained unitrust.
Downers Grove estate tax lawyer Kevin O'Flaherty explains the different types of taxes that must be filed when an individual passes away in Illinois
In this article, our Downers Grove estate tax attorneys discuss the different types of taxes that a trustee or executor must file when managing an estate. We discuss the difference between a final federal and state income tax return, a federal or state estate income tax return, and federal and state estate tax.
Downers Grove estate tax attorney Kevin O'Flaherty explains how to use revocable living trusts to avoid probate in Illinois.
In this article, our Downers Grove estate tax attorneys describe revocable living trusts and how they can be used as part of your estate plan to avoid the stressful and costly process of probate court. Probate may cost 5% to 10% of your estate in attorney fees and court costs. This process is necessary for most people who own real estate outside of a trust. Our Downers Grove estate tax attorneys will assist you by drafting a revocable living trust that makes probate unnecessary. You can then transfer your major assets to the trust during your lifetime to insure it be dealt with outside of probate.
In this Learn About Law podcast & videoblog, attorney Kevin O'Flaherty of O'Flaherty Law explains how an estate plan can help you with the first goal of a good estate plan: Appointment of Fiduciaries and Distribution of Assets. For the sake of readability, I have broken this article into two parts. This “part A” will discuss distribution of assets, “part B” will discuss appointment of fiduciaries.