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Illinois Estate Tax

By Terry Savage on January 20, 2022 | Financial Planning / Retirement

Example – say my wife and I have 5 million estate in joint owers w/right of survivor. When one of us dies does the 4 million exemption pass to the remaining survior in whole – or is half of the exemption used up?

Terry Says

Here’s how the estate tax works:
When one spouse dies, all wealth transfers to the surviving spouse without being subjected to the estate tax. When the second spouse dies, though, the estate can only use one spouse’s exemption.
The Illinois estate tax rate is graduated and goes up to 16%. However, it is only applied on estates worth more than $4 million.

I think you’ll find this article explains it in detail.

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