Our Lake in the Hills estate tax lawyers discuss multiple ways to avoid and minimize federal and Illinois estate tax. The estate tax exemption in Illinois is four million dollars this means that any assets you may possess above four million dollars will be subject to tax when you pass. Luckily our Lake in the Hills estate tax attorney are able to use AB trust to allow spouses to take advantage of one another estate tax exemption. These AB trust are able to effectively raise your exemptions to eight million dollars as a couple.

Additionally, Irrevocable life insurance trust are often used by attorneys to eliminate the death benefit of your life insurance policies from your taxable estate. This article also goes into further detail on the objective of grantor-retained annuity trusts, grantor-retained interests trusts, and grantor-retained unitrust.

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

Our Lake in the Hills estate tax attorneys explain different ways to transfer assets to your revocable living trust. Discussed are the multiple different classes of estates that may include retirement accounts, insurance policies, real estate as well as checking and savings accounts. We also discuss how said assets must be titled to ensure that your estates plan is effective and preserves your assets.

Read the full article by our Lake in the Hills trust attorneys explaining the differences between wills and trusts. 

In this article, our Lake in the Hills t estate tax attorneys explain revocable living trust and how to add them into your estate plan to avoid costly and stressful probate. Probate is necessary when real estate is owned outside of a trust, probate can cost from 5% to 10% of your estate in court cost and attorney fees.

​Our Lake in the Hills estate tax attorneys will help draft a revocable living trust to make probate unnecessary. Additionally, you can transfer any major assets to the trust at any point during your lifetime to ensure the assets will be dealt with outside of probate.

Read the full article by our Lake in the Hills estate tax attorneys on how to avoid probate with Revocable Living Trusts.