Tag Archives: Illinois estate tax
2016 Estate Tax Summary
Previously I wrote summaries of estate and gift taxes for 2013, 2014 and 2015. As with the last couple years, the changes this year are primarily inflation adjustments. For 2016, the unified federal estate, gift and GST tax exemption rises by just $20,000 — from $5.43 million in 2015 to $5.45 million in 2016…. Read More »
2015 Estate Tax Summary
Previously I wrote summaries of estate and gift taxes for 2013 and 2014. As with last year, the changes this year are primarily inflation adjustments. The unified federal estate, gift and GST tax exemption rose from $5.34 million in 2014 to $5.43 million in 2015 (big fun for those who like to transpose numbers!)…. Read More »
The State of State Estate Taxes
Most people know that there is a federal estate tax (the dreaded “death tax”). But many are surprised to learn that some states (including Illinois) also have a separate (and additional) state estate tax. The federal estate tax calculation previously allowed a credit for state estate taxes paid, which generally negated the impact of… Read More »
2013 Estate Tax Essentials
Estate taxes underwent some major changes at the beginning of 2013. Thankfully, we now have more clarity and permanence than we had over the past decade. We provided a 2013 Estate Tax Update to our clients on our website and by newsletter early in the year. But I think reminders and summaries can be… Read More »