Ask Terry Questions Illinois Estate Tax

Illinois Estate Tax

By Terry Savage on February 25, 2024 | Financial Planning / Retirement

What is the best way to avoid paying the egregious Illinois Estate Tax, other than leaving Illinois?

Terry Says

It’s not just leaving the state; it’s establishing a residence elsewhere — in a state that does not have a state death/estate tax.
The estate tax rate for Illinois is graduated and the top rate is 16%. Remember that in Illinois, you pay taxes on the entire estate if it is above the $4 million threshold.

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