Schaumburg Estate Tax Attorneys | Estate Tax Lawyers, Schaumburg

Schaumburg Estate Tax Attorneys | Estate Tax Lawyers, Schaumburg

Our experienced and affordable Schaumburg estate tax attorneys will handle your advanced estate tax planning that assists you in eliminating or minimizing estate taxes from your estate. We assist with the creation of detailed estate plans that minimize Schaumburg estate taxes but also can help with existing estate plans to mitigate costs.

Our

Schaumburg Estate Tax Attorneys

Provide Excellent Service in:

Our Schaumburg Estate Tax Lawyers Can Assist you with All Of Your Estate planning Needs:

See if you qualify for a Tax Appeal

You Don't Have to Leave Your Home For Your

Estate Tax

Matter

In this video, attorney Kevin O'Flaherty describes ways you can receive legal services from the comfort of home.

Take the Next Step: Schedule a Free Consultation With Our

Schaumburg Estate Tax Attorneys

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

Schaumburg Estate Tax Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Schaumburg

200 W. Higgins Rd., Ste. 231A Schaumburg, IL 60195

Phone:

‪(847) 220-8191

E-Mail:

schaumburg@oflaherty-law.com​

Hours: 9 am - 7 pm Monday - Friday 11 am - 3pm Saturday 11 am - 2 pm Sunday

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

Some of Our Accomplishments

Naperville attorney
DuPage County Probate Attorney
Learn More About Our Firm
Schaumburg estate tax planning attorney

Schaumburg 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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Schaumburg Estate Tax Attorneys

Schaumburg Estate Tax Attorneys | Estate Tax Lawyers, Schaumburg

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

How to Avoid Estate Taxes in Schaumburg

In this article, our Schaumburg estate tax attorneys discuss some of the tools available that help to reduce taxes in Schaumburg 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.  

Someone who seeks to reduce the amount of taxable assets in their 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.

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


In this Learn About Law podcast & videoblog, Schaumburg estate tax attorney Kevin O'Flaherty of O'Flaherty Law explains estate tax and discusses some tools used to avoid it or minimize it.

Using Gifts to Reduce Chicago Estate Taxes

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 ChicSchaumburgago estate tax attorneys explain gift taxes in Illinois and also 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 Schaumburg estate tax attorneys on how gifts affect tax obligations in Schaumburg estates.

In this video, Schaumburg estate tax attorney Kevin O'Flaherty discusses the tax implications of gifts within an estate.

Revocable Living Trusts to Avoid Schaumburg Probate Court

In this article, our Schaumburg estate tax attorneys explain:

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

Each of these are 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 Schaumburg estate tax attorneys on using GRITS, GRATS, and GRUTS for estate tax planning in Schaumburg. 

In this video, Schaumburg estate tax attorney Kevin O'Flaherty discusses the tax implications of gifts within an estate.

Further Reading From Our 

Schaumburg Estate Tax Attorneys