Estate Planning for the New Year

With the New Year just around the corner, there are several important factors to consider regarding your Illinois estate plan. Transfer Tax Exemption The transfer tax is imposed on property transfers (i.e., transferring title to real estate or a beneficial interest in real property). In 2015, the amount that individuals can transfer by gift or bequeath […]

Illinois Appellate Court: It is Unconstitutional to Tax a Trust with No Current Connection to the State

In 1961, an Illinois resident established a  living trust. The trust property was located in Illinois, and the trustee – the person managing the trust – and beneficiary – the person benefiting from the trust – were also Illinois residents. Given these connections to Illinois, state law clearly governed the trust. But the trust also […]

An Update on Changes to the Federal Estate Taxes

Recently, there was a report that President Barack Obama and Democratic lawmakers planned to freeze the estate tax at the current level of $3.5 million exemption per estate, which would prevent the temporary one year repeal of federal estate taxes in 2010, with the tax returning in the following year with only a $1.0 million […]

Gambling on the Estate Tax

August 17, 2008 – As published in The Naperville Sun Back in 2001, Congress changed the law on estate taxes, creating estate tax exemptions that changed over the years.  For instance, in 2008, the exemption from federal estate tax is set on $2 million.  If you have one dollar more than that number, your excess […]

Look For Changes in the Estate Tax Laws In the Fourth Quarter of 2009

By Denice A. Gierach – August 1, 2009 Back in 2001, there was a major change in the estate tax law. One part of this change involved the amount of exemption for federal estate taxes. The significance of the exemption amount is that when a person dies, the total of their assets must exceed the […]

A New Federal Estate Tax Law – What Does It Mean?

As you know, Congress passed a bill, which was signed by President Obama, which increased the lifetime federal estate tax exemption amount to $5.0 million dollars. In addition, Congress added a portability provision, which meant that if the spouse died first and did not use the entire amount at his or her death, that the […]