Ask Terry Questions Illinois Estate Tax

Illinois Estate Tax

By Terry Savage on April 29, 2024 | Financial Planning / Retirement

Illinois has an estate tax with a graduated tax rate, and $4 million exemption and a graduated tax. My question is if the estate exceeds $4 million is only the amount over $4 million taxes or is the entire estate subject to the tax?

Terry Says

The Illinois estate tax applies on the excess of $4 million.

Read this:  Illinois Estate Tax: Everything You Need to Know | SmartAsset

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