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Oflaherty Law, Illinois Attorneys

Lincoln Park Estate Tax Attorneys | Estate Tax Lawyers, Lincoln Park

Lincoln Park estate tax lawyers

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.

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Take the Next Step: Schedule a Free Consultation With Our

Lincoln Park Estate Tax Attorneys

irrevocable life insurance trusts Lincoln Park

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Lincoln Park Estate Tax Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Chicago

1941 N. Elston, Ste. A
Lincoln Park
,
IL
60642
Get Directions

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Hours: 
9 am - 9 pm, Mon-Fri
Saturday 9 am- 9 pm & Sunday 12 pm - 8pm
by appointment

Some of Our Accomplishments

Best Child Support Lawyers in Chicago
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Kevin P. O'Flaherty
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Here's What Our Clients Have to Say:

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Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!

An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.

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Kevin Koc
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Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
Stephen Petersen
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An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
Troy Golden
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Kevin is an excellent attorney. He helped me incorporate by business and provides legal counsel as need. I highly recommend him.
Lincoln Park estate tax planning attorney

Lincoln Park Estate Tax Attorneys

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.

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Lincoln Park Estate Tax Attorneys

Lincoln Park Estate Tax Attorneys | Estate Tax Lawyers, Lincoln Park

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

Avoiding Estate Taxes in Lincoln Park

Lincoln Park estate tax lawyers

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.

Lincoln Park estate tax lawyers

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.

Read more by our Lincoln Park estate tax attorneys on bout how to use irrevocable life insurance trusts for your Lincoln Park estate tax planning goals.


Using Gifts to Reduce Lincoln Park Estate Taxes

In this video, Lincoln Park estate tax attorney Kevin O'Flaherty discusses the tax implications of gifts within a Lincoln Park estate.

estate tax attorney Lincoln Park

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:

  • What is gift tax?
  • What is the gift tax annual exclusion amount?
  • What is a “present interest gift” for gift tax purposes?
  • What is lifetime estate and gift tax exclusion limit?
  • Does Illinois have a gift tax?
  • Are transfers to trusts subject to gift tax?
  • When is a gift tax return required? and,
  • Are donations to charities subject to gift tax?

Read the full article by our Lincoln Park estate tax attorneys on how gifts affect tax obligations in Lincoln Park estates.

Revocable Living Trusts to Avoid Probate in Lincoln Park

In this video, Lincoln Park estate tax attorney Kevin O'Flaherty explains Grantor Retained Income Trusts, Grantor Retained Annuity Trusts, and Grantor Retained Unitrusts.

estate tax lawyer Lincoln Park

In this article, our Lincoln Park estate tax attorneys explain:

  • Grantor Retained Income Trusts
  • Grantor Retained Annuity Trusts
  • Grantor Retained Unitrusts

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.

Read the full article by our Lincoln Park estate tax attorneys on using GRITS, GRATS, and GRUTS for estate tax planning in Lincoln Park. 

Further Reading From Our 

Lincoln Park Estate Tax Attorneys

estate tax attorney Lincoln Park

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