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1. illinoisattorneygeneral.gov › Page-Attachments2020 Important Notice Regarding Illinois Estate Tax and Fact ...

   illinoisattorneygeneral.gov › Page-Attachments

   For persons dying in 2020, the Federal exemption for Federal estate tax purposes is $11,580,000. The exclusion amount for Illinois estate tax purposes is $4,000,000. The exclusion amount is a taxable threshold and not a credit against tax.

2. tax.illinois.gov › individuals › specialfilingFiling for a Deceased Taxpayer - Illinois Department of Revenue

   tax.illinois.gov › individuals › specialfiling

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   Filing for a Deceased Taxpayer. When you are filing a joint return as a surviving spouse, print your name and your spouse’s name on the appropriate lines. write “deceased” and the date of death above your spouse’s name.

3. michaelsilver.com › illinois-imposes-an-estate-taxIllinois Imposes an Estate Tax for Residents and Nonresidents

   michaelsilver.com › illinois-imposes-an-estate-tax

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   Jan 30, 2024 · Married couples in Illinois can defer state estate taxes at their spouse’s death by placing assets into a qualifying terminable interest property (QTIP) trust and making the proper Illinois QTIP election on the estate tax return.

4. stratwealth.com › blog-how-the-illinois-stateHow the Illinois State Estate Tax Works - Strategic Wealth ...

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   Mar 6, 2024 · This means the surviving spouse has $4 million in their own name, plus another $4 million in a credit shelter trust for their benefit. So, when the surviving spouse of Client B passes away, there’s no Illinois estate tax to pay on a total of $8 million.

5. www.isba.org › barnews › 2020COVID-19, Death, and Taxes | Illinois State Bar Association

   www.isba.org › barnews › 2020

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   Sep 21, 2020 · COVID-19, Death, and Taxes. Ordinarily, an estate is taxed based on the value of its assets as of the decedent’s date of death. But for federal estate tax purposes, an alternate valuation date could be selected if it results in both the gross estate and the estate tax being reduced.

6. orlowskywilson.com › how-to-calculate-illinoisHow to Calculate Illinois Estate Tax - Orlowsky & Wilson, Ltd.

   orlowskywilson.com › how-to-calculate-illinois

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   Calculating Illinois estate tax is complex. It is based on Illinois' death tax credit, which was based on a federal law, that has since been phased out and is no longer used.

7. People also ask

   How do I avoid Illinois estate taxes?

   • The easiest way to avoid Illinois estate taxes entirely is to move out of the state and establish residency in a state that does not have an estate tax (Florida being a common example). But if you still have Illinois property (real and tangible property physically located in Illinois), you are still exposed to the Illinois estate tax.

   How the Illinois State Estate Tax Works - Strategic Wealth Partners

   stratwealth.com/blog-how-the-illinois-state-estate-tax-works/

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   Does Illinois have an estate tax chart?

   • Yes, it’s confusing, which is why thankfully, the state of Illinois has created a handy chart for people to calculate their estate taxes. But, if you need help, an Illinois estate tax attorney at Orlowsky & Wilson, Ltd can provide assistance. Effective Tax Rates

   How to Calculate Illinois Estate Tax - Orlowsky & Wilson, Ltd

   orlowskywilson.com/how-to-calculate-illinois-estate-tax/

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   Do you pay estate taxes on $4 million in Illinois?

   • Let’s look at an example. As we said, you won’t pay any Illinois estate taxes on $4 mill. But at $5 million, you would be paying close to $300,000 in estate taxes to the State of Illinois. When the math is done, if your estate is valued at about $5 million, this creates an effective tax rate of close to 29%.

   How to Calculate Illinois Estate Tax - Orlowsky & Wilson, Ltd

   orlowskywilson.com/how-to-calculate-illinois-estate-tax/

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8. www.legacy.com › advice › how-to-find-an-obituaryHow to Find an Obituary for a Specific Person - Legacy.com

   www.legacy.com › advice › how-to-find-an-obituary

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   Sep 4, 2019 · We identify the best obituary search resources and how to use online and offline tools to find the obituary you need.