Estate Tax Planning for Illinois Families with High Asset Estates

estate tax, Naperville estate planning lawyer
There are various strategies available to you now to minimize the affect of federal and state taxes on the income and estate taxes on your heirs after your death. Trusts are one of the most common tools to reduce estate taxes, but there are a number of other strategies as well, including annual gifting to transfer money to a relative.

If you have a high asset estate or a family owned business, advanced tax planning will be essential to you and your family’s financial well-being. The Gierach Law Firm assists individuals and families with comprehensive tax planning services.

We have a variety of informational articles available on our Web site. See our featured article on estate taxes: Law in limbo as citizens ride the roller coaster on estate tax

Contact our Naperville law office to schedule a consultation. We serve clients in the greater Chicago area and across northern Illinois

A Professional Yet Personalized Approach to Estate Tax Planning

Estate planning attorney Denice Gierach brings to her clients more than 30 years of legal experience and an extensive knowledge of the tax code as it applies to estates. This allows her to develop customized advanced tax planning strategies to maximize your tax savings while complying with IRS requirements.

Estate Tax Considerations for Individual and Families

The estate planning attorneys at the Gierach Law Firm can review your financial situation and advise you on whether gifting or a trust, or a combination of the two, will be the best strategy to achieve your goals.

  • Trusts are one of the most common tools for asset protection and to reduce transfer taxes. Grantor retained annuity trusts (GRATs), irrevocable life insurance trusts (ILIT), sale to a defective grantor trust, education or special needs trusts: we can explain each of these and other trust options.
  • Annual gifting is another tax-reduction strategy you may use to transfer money to a relative. The IRS sets a limit on the amount of money you may gift each year without the gift recipient incurring a tax.
  • Charitable giving can both reduce your taxable income and further your goals in the community. You have a number of options to consider when giving to charity, including charitable lead trusts, charitable remainder trusts, or establishing a family foundation.
  • Property title transfer removes real property from the estate, minimizing the value of the taxable estate by transferring the property during life.
  • Business owners, are you aware that if your business income comprises a certain percentage of your total taxable adjusted gross estate you can get a lower interest loan and pay your estate taxes in advance, over time? Let us explain this option to you.

Learn more about estate tax planning.

Contact an Illinois Estate Planning Lawyer

For more information about estate tax planning, or for sound legal advice from a skilled estate planning attorney, contact the Gierach Law Firm.

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