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.