If you need assistance in the creation, maintenance or minimizing and possibly eliminating estate taxes, Our DuPage estate tax attorneys can assist you in every step of the way. Your estate's needs must be met when you pass, our DuPage County estate attorneys have a proven track record with experience and the knowledge to ensure your estate is handled properly.
Please contact our friendly
DuPage 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.
DuPage estate tax attorney attorney Kevin O'Flaherty of O'Flaherty Law explains estate tax and discusses some tools used to avoid it or minimize it.
In the article below, our DuPage County estate tax lawyers explain how to take advantage of Illinois laws to enable your estate to minimize or avoid Illinois and federal estate taxes. The Illinois estate tax exemption currently is 4 million dollars, meaning any assets above this is taxable when you pass. Our DuPage County estate attorneys though can create and use AB trusts to receive an additional estate tax exemption. Using AB trusts allows the maximum tax exemption for a couple to double from 4 to 8 million dollars.
In addition to AB Trusts, Irrevocable Life Insurance Trusts can be utilized so life insurance policies are removed from your estate's taxable income. Also discussed in greater detail are objectives of grantor-retained interest trusts, grantor-retained interest trusts and annuity trusts and their benefits to your estate.
DuPage estate tax lawyer Kevin O'Flaherty of O'Flaherty Law explains the types of taxes that need to be filed when someone dies.
In this article, our DuPage County estate tax attorneys discuss the types of taxes that a family may face when a family member passes away. We explain the difference between final income tax, estate income tax, and estate tax. We also discuss taxes on both the federal and state level.
DuPage County estate tax attorney Kevin O'Flaherty explains how to use revocable living trusts to avoid probate in Illinois.
Probate becomes necessary when real estate is maintained outside of a trust. It can also cost upwards of ten percent of the value of the property in attorney fees and court costs. We explain the benefits in adding and utilizing revocable living trusts to avoid this process.Our Dupage County estate tax lawyers will assist you in the creation of a revocable living trust that will allow you to avoid probate. After it's creation, monetary assets and property can be transferred to your trust so that all of your assets avoid probate.
Our Dupage County estate tax lawyers discuss the options available to transfer assets into a revocable living trust. We discuss types of estates that include:
Checking Savings Retirement accounts Insurance policies and real estate and how they must be titled to so your assets are preserved and your plan effective.
There are many tools that our DuPage County estate tax lawyers use to help eliminate or minimize federal and Illinois estate taxes. In the article below our DuPage County estate tax attorneys explain some of the ways that are possible to navigate your estate through the complex rules and laws to minimize your estate's' tax debt once you pass.
Illinois has an estate tax exemption of $4 million which means that any monetary or physical property that is in your name above $4 million will be taxable after you pass. Our DuPage County estate tax lawyers use AB trusts that can raise that exemption to $8 million by allowing spouses to take advantage of another's estate and their exemptions.
Our DuPage County County estate tax attorneys have the knowledge and ability to use Irrevocable Life Insurance Trusts or (ILITS) to ensure that death benefits received from life insurance policies are removed from your taxable estate.
It is also possible for our experience DuPage County estate tax lawyers to help guide you through the use different methods to allow assets to grow in value over time with the benefit of not being valued as part of your taxable estate. This is possible by using our knowledge to navigate a variety of ways including, Grantor-Retained Interest Trusts, Grantor-Retained Unitrusts as well as Grantor-Retained Interest Trusts and Grantor-Retained Interest Trusts. We can also provide the knowledge to work with you to create a gifting strategy that will enable you to transfer assets to loved ones while removing them from your taxable estate.