Our highly-skilled Lincoln Park estate tax attorneys will thoroughly manage your advanced estate tax planning needs to help you minimize, or potentially eliminate estate taxes from your estate. Not only can we assist you in customizing a new plan aimed at reducing your estate taxes but we can also can help with your existing estate plans in order to further mitigate costs.
Please contact our friendly
Lincoln Park Estate Tax Attorneys
at our nearest location to schedule a free consultation:
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.
In this video, Lincoln Park estate tax attorney Kevin O'Flaherty of O'Flaherty Law explains estate taxes in Lincoln Park and discusses some tools used to minimize or avoid them.
In this article, our Lincoln Park estate tax attorneys uncover some of the tools available that help to reduce taxes on Chicago estates by using irrevocable trusts. Federal and state estate taxes are placed on the assets of a deceased individual over and above that individual’s lifetime gift and estate tax exclusion limit.
An individual who seeks to reduce the amount of taxable assets in their estate can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets and money into it.
In this video, Lincoln Park estate tax attorney Kevin O'Flaherty discusses the tax implications of gifts within a Lincoln Park estate.
Gift taxes are taxes levied on certain gifts made. These taxes are applied to the giver and not the recipient of the gift. These taxes are applied only if it is over the federal exclusion amount and the person giving it has used their lifetime exclusion. In this article, our Lincoln Park estate tax attorneys outline gift taxes in Illinois, as well as on the federal level, and answer questions including:
In this video, Lincoln Park estate tax attorney Kevin O'Flaherty explains Grantor Retained Income Trusts, Grantor Retained Annuity Trusts, and Grantor Retained Unitrusts.
In this article, our Lincoln Park estate tax attorneys explain:
These are all similar types of irrevocable trusts that can be used in sophisticated estate plans that assists in receiving assets from a taxable estate while also allowing it to receive a monetary benefit from assets during the plans' lifetime.