Reducing the amount of taxable assets in a taxable estate can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets and money into it. For more information how irrevocable trusts help to reduce or avoid estate taxes click on the link below.‍

In this article, our Rock Island estate tax attorneys examine the estate planning tools available that are used to help reduce estate taxes in Rock Island estates by using irrevocable trusts.

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

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Our Rock Island estate tax attorneys explain gift taxes in Illinois and also on the federal level.

In this article, our Moline estate tax attorneys discuss gift taxes levied on certain gifts made. These types taxes are applied to the giver and not the recipient of the gift and are applied only if it is over the federal exclusion amount and the person giving it has used their lifetime exclusion.

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

In this article, Rock Island estate tax attorneys explain:

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

These similar types of irrevocable trusts 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 Rock Island estate tax attorneys on using GRITS, GRATS, and GRUTS for estate tax planning for Rock Island estates.