Probate is an essential legal process that comes into play after an individual’s death, dealing primarily with the distribution of their assets according to their will or state law if no will exists. The core purpose of probate is to ensure that the deceased person’s debts are paid, and their assets are distributed to the […]
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Inheritance tax in Illinois, a state-level tax, is levied on certain inheritances received by beneficiaries. It’s distinct from other forms of taxation related to death, such as estate tax, and is calculated based on the value of inherited assets. Unlike some states, Illinois has retained its inheritance tax, making it an essential consideration for estate […]
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