Tinley Park Estate Planning Attorneys | Estate Tax Lawyers, Tinley Park

Tinley Park Estate Planning Attorneys | Estate Tax Lawyers, Tinley Park

Our Tinley Park estate tax attorneys offer solutions for your estate planning, with advising on how to avoid estate taxes to lessen burdens in this hard time.

Our

Tinley Park Estate Tax Attorneys

Provide Excellent Service in:

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

Tinley Park 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

Tinley Park Estate Tax Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Tinley Park

​16557 Oak Park Ave., Ste. B, Tinley Park, IL 60477

Phone:

(708) 894-3030

E-Mail:

tinleypark@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
estate tax lawyers cook county illinois

Tinley 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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Tinley Park Estate Tax Attorneys

Tinley Park Estate Planning Attorneys | Estate Tax Lawyers, Tinley Park

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

How To Avoid Estate Taxes In Illinois

In the article below, our Tinley Park estate tax lawyers explain how to take advantage of Illinois laws to enable your estate to minimize or avoid Illinois and federal estate taxes.  The Illinois estate tax exemption currently is 4 million dollars, meaning any assets above this is taxable when you pass.  Our Tinley Park estate attorneys though can create and use AB trusts to receive an additional estate tax exemption.  Using AB trusts allows the maximum tax exemption for a couple to double from 4 to 8 million dollars.

In addition to AB Trusts, Irrevocable Life Insurance Trusts can be utilized so life insurance policies are removed from your estate's taxable income.  Also discussed in greater detail are objectives of grantor-retained interest trusts, grantor-retained interest trusts and annuity trusts and their benefits to your estate.​

Tinley Park estate tax attorney Kevin O'Flaherty discusses what attorneys use to avoid federal and Illinois estate tax.

Who is Responsible for Paying Estate Taxes?

Our Tinley Park estate tax lawyers discuss  what estate tax is and who has to pay these taxes. Estates are not always subject to estate tax. In Illinois, if your estate is under 4 million dollars you are not subject to state tax returns. If you do have more than 4 million dollars in your estate, then taxes on your estate are due nine months after death. The executor is the one responsible for paying for estate taxes

In this videoblog, our Elmhurst estate tax attorney Kevin O'Flaherty discusses who is responsible for paying estate taxes.

When to Pay Estate Tax

In this video, our Tinley Park estate tax attorneys takes the time to explain when to pay estate taxes on: inheritance taxes, state and federal estate taxes, and inherited retirement accounts. An inheritance tax is an amount of money due from a beneficiary who receives money or property from the estate of a deceased person. Inheritance taxes are due prior to receiving the inheritance check, so the amount received will already be reduced by the taxes owed. Federal tax exemption for a decedent’s estate depends on the exemption amount for the year of death. When it comes to state tax exemption, only a few states collect them, including Illinois. Similar to federal tax exemption, state tax exemption also depends on the exemption amount for the year of death. If an individual inherits a traditional IRA or 401k, he or she will have to include all distributions taken out in his or her ordinary federal income, and possibly state income, of that year. Inherited retirement assets are not taxable until they are distributed.


In this videoblog, our Elmhurst estate tax attorney Kevin O'Flaherty discusses who is responsible for paying estate taxes.

Further Reading From Our 

Tinley Park Estate Tax Attorneys