Downers Grove Estate Tax Attorneys | Estate Tax Lawyers, Downers Grove IL

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.

​Read the full article by our Downers Grove trust attorneys about how to use trusts to accomplish your estate planning goals.  

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.

Read the full article by our Downers Grove trust attorneys explaining the the different types of taxes on estates. 

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.

Read the full article by our Downers Grove estate tax attorneys on how to avoid probate with Revocable Living Trusts.