There are 12 states in the union have state level estate taxes, and there is an estate tax that is specific to Washington, D.C. As luck would have it, Illinois is one of these 12 states. In this post, we will provide an overview of the state level … [Read more...] about What Is the 2022 Illinois Estate Tax Exclusion?
Illinois estate tax
The federal estate tax was initially enacted in 1916. If you were around at that time, and you found out that your estate was going to be taxed, what would you do? Clearly, you would resolve to give gifts to your loved ones that would eventually be … [Read more...] about Use Gift Tax Exclusions to Gain Estate Tax Efficiency
People often have questions about how taxes impact inheritances, and most of the news is good. Generally speaking, an inheritance that is received through the terms of a will or a life insurance policy would not be subject to regular income … [Read more...] about Can You Give Lifetime Gifts to Avoid Estate Taxes?