- Estate Planning
- Illinois Probate Law
Many people are confused by state estate taxes versus federal estate taxes. In this video, Lombard estate planning attorney Mario Godoy explains the difference between Illinois estate taxes and federal estate taxes.
Watch: Estate Planning Attorney Mario Godoy Explains the difference between Illinois Estate Taxes and Federal Estate Taxes
Transcript
In this video, we will answer the question “What’s the difference between the Ilinois Estate Tax and Federal Estate Tax?”
This is an area of confusion as there are different estate tax implications on both the Federal level and the State level.
An estate of less than $11.58 million is exempt from federal estate tax for the 2020 tax year. This exemption amount is indexed for inflation annually.
However, Illinois has an estate tax filing threshold rather than an exemption. In Illinois, if an estate is less than $4 million, no return is required to be filed and no tax is paid. If an estate is more than $4 million, Illinois applies its estate tax to the entire taxable estate.
If you have any questions on planning your estate please contact us for a consultation.
DuPage County Estate Planning Attorney
Do you have questions about estate planning and taxes? Our experienced estate planning attorneys in Lombard, Illinois can advise you on the best options to protect your assets and loved ones. To talk to an estate planning attorney contact the Estate & Probate Legal Group at 630-687-9100.
We provide legal services in Cook, DuPage, Kane, Lake, and Will counties.
