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.