Most affluent Illinois families assume estate tax is a federal issue. It isn’t. Illinois has its own estate tax system, and it operates very differently than the federal system. The difference is not minor. It can cost families hundreds of thousands of dollars if not addressed properly.
The Illinois estate tax exemption is $4 million per person. Unlike the federal exemption, Illinois does not allow portability between spouses. That means if proper planning is not in place when the first spouse dies, the unused exemption can be lost forever.
If you are worried that you might be subject to Illinois’ estate tax, you should meet with our Plainfield, IL estate planning attorney. We work closely with high net worth families and individuals to structure custom asset protection plans and avoid surprises.