Tag: Estate tax

What is the Difference Between an Inheritance Tax and an Estate Tax?
estate tax
Posted June 15, 2022

To many people, estate taxes and inheritance taxes have something to do with someone passing away, but beyond that, the terms seem to be used interchangeably. There is, however, a difference between these two terms, that can be an important part of your estate planning strategies. What is an Estate Tax? An estate tax, as […]

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How to Calculate Illinois Estate Tax
Illinois estate tax
Posted May 13, 2022

You’ve probably heard of the estate tax, and are aware it is a federal tax. But what many people may not know is that Illinois is one of only a few states that also impose a state estate tax. While a legal or tax professional should help you understand your potential estate tax obligations, there […]

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Calculating the Illinois Estate Tax
Estate Planning Attorney
Posted February 23, 2017

In Illinois, the executors of estates that are worth more than $4 million are required to pay an estate tax. This means that even though an estate isn’t large enough to owe the federal estate tax, which is currently set at $11 million, it may still be required to pay state taxes to Illinois. Valuing […]

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