If you need assistance in the creation, maintenance or minimizing and possibly eliminating estate taxes, we can assist you in every step of the way. Your estate's needs must be met when you pass, our Tinley Park estate attorneys have a proven track record with experience and the knowledge to ensure your estate is handled properly.
Please contact our friendly
Tinley Park Estate Tax Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."
"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."
Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
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.
Tinley Park estate tax attorney Kevin O'Flaherty discusses what attorneys use to avoid federal and Illinois estate tax.
In the article below, we 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.
Our Tinley Park estate tax lawyers discuss the options available to transfer assets into a revocable living trust. We discuss types of estates that include checking, savings, retirement accounts, insurance policies and real estate and how they must be titled to so your assets are preserved and your plan effective.
Tinley Park estate tax attorney Kevin O'Flaherty explains how to use revocable living trusts to avoid probate in Illinois.
Probate becomes necessary when real estate is maintained outside of a trust. It can also cost upwards of ten percent of the value of the property in attorney fees and court costs. We explain the benefits in adding and utilizing revocable living trusts to avoid this process.
Our Tinley Park estate tax lawyers will assist you in the creation of a revocable living trust that will allow you to avoid probate. After it's creation, monetary assets and property can be transferred to your trust so that all of your assets avoid probate.