Our Naperville estate tax attorneys discuss ways to avoid or minimize Illinois and federal estate tax in this supplemental companion article.
In it, we explain how revocable living trusts can be used to allow spouses to take advantage of one-another's estate tax exemption, essentially doubling the threshold asset amount at which each spouse has to worry about estate tax. We also explain how to use Irrevocable life insurance trusts to remove the death benefit of your life insurance policy from your taxable estate.