Kevin's firm handled setting up my will and trust recently. They took something that seemed intimidating and made it easy to understand. I've also referred a couple clients to Kevin - he's trustworthy, approachable and very fairly priced.
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Our Naperville estate tax attorneys will "wow" you with our over-the-top and cost-effective client service. We have the skill and experience in advanced estate planning to help you eliminate or minimize your estate tax when you pass.
Read more about our Naperville Estate Planning attorneys.
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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.
In this article, our Naperville estate tax attorneys discuss how to know when you must pay estate tax in an inheritance.
In short, an estate may be subject to federal and state taxes depending on the amount of assets within the estate when it is inherited. We go over the different types of potential taxes for various common estate plan assets, and help you understand what you can do to minimize your estate tax burden.
In this article, our Naperville estate tax attorneys discuss revocable living trusts and explain how we can use them as part as your estate plan.
Revocable Living Trusts are used to ensure that your estate does not go through probate when you pass. Probate is necessary for most individuals who own real estate outside of a trust. Probate is a year-long court case that can cost you 5% to 10% of your estate in attorney fees and court cost. We can help you draft a revocable living trust that will make probate unnecessary. This will allow you to transfer your major assets to the trust in your lifetime to insure that that they will be dealt with outside of probate instantly when you pass, without the need to pay an attorney.
Yes — Illinois imposes a state estate tax that is entirely separate from the federal estate tax, and its exemption is significantly lower. The Illinois estate tax exemption is $4 million per person. By comparison, the federal exemption was approximately $13.6 million per person in 2025. This means that estates between $4 million and $13.6 million may owe Illinois estate tax while owing nothing to the federal government. The Illinois estate tax rate is progressive, reaching up to 16% on amounts above the exemption. Illinois does not currently have a portability provision (unlike the federal estate tax), meaning a surviving spouse cannot automatically use the deceased spouse's unused exemption. Proper estate planning is essential for Illinois residents with significant assets. Contact our Naperville estate tax attorneys.
Several strategies can reduce Illinois estate tax liability, including: gifting during life — annual federal gift tax exclusions ($18,000 per recipient in 2024) can transfer assets outside the estate over time; irrevocable life insurance trusts (ILITs) — remove life insurance death benefits from the taxable estate; qualified personal residence trusts (QPRTs) — transfer a home at a reduced gift tax value; AB trusts (credit shelter trusts) for married couples — allow each spouse to use their Illinois exemption separately, doubling the protected amount; charitable giving strategies such as charitable remainder trusts (CRTs); and family limited partnerships or LLCs to transfer business interests at discounted values. Each strategy has specific requirements and trade-offs — consulting an attorney before implementing any of these is essential.
Not in Illinois. Given the Illinois estate tax exemption of just $4 million per person, estate tax planning is relevant for many families who own a combination of a home, retirement accounts, life insurance, and other assets — not just the ultra-wealthy. A home in the Naperville area that has appreciated significantly, combined with retirement accounts and a life insurance policy, can push a moderate estate toward or above the $4 million threshold. Even if your estate is currently below the exemption, future appreciation and life insurance proceeds could change that picture. Reviewing your estate plan with an attorney who understands both Illinois and federal tax law ensures you are not leaving unnecessary tax exposure for your heirs. Learn more about avoiding estate tax in Illinois.