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 […]
Read More
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 […]
Read More
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 […]
Read More
