Tag: estate taxes
How Can I Reduce the Overall Amount of Estate Taxes I Pay?
Posted on January 13, 2025
Also known as “death taxes,” estate taxes are the taxes that must be paid on the transfer of assets upon death. They are separate from income taxes. Both the federal government and Illinois currently levy estate taxes. The Internal Revenue Service (IRS) imposes taxes on assets worth over $13.99 million per person in 2025. This is called the federal estate tax exemption. An individual can make gifts during life using the exemption; any portion of the exemption left over at death will offset estate taxes. Meanwhile, Illinois is one of […]
Tax Planning in Your Estate Plan
Posted on April 8, 2021
Benjamin Franklin is attributed as having said that only two things are certain in life: death and taxes. The way you structure your estate plan will have considerable tax consequences, so it is important to plan accordingly. There are different tax-related advantages and disadvantages associated with each type of estate planning tool. Failure to plan for estate planning tax consequences can leave your surviving loved ones with unexpected and unpleasant tax-related surprises. An estate planning attorney can explain the potential tax implications and help you minimize your tax liability through […]
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