Ask Terry Questions Illinois Estate Transfer Tax

Illinois Estate Transfer Tax

By Terry Savage on April 30, 2023 | Financial Planning / Retirement

My 94 year old father is considering moving back to Illinois to be closer to family. HIs estate is worth over $5M. What would my tax burden be if he dies in the state of IL? I understand there is a bill in the IL house (HB1576) to raise the exclusion amount from $4M to $8M but the bill is dead. Is it also true that federal law allows an estate generation-skipping tax excursion of $12M?

Terry Says

That’s a potentially BIG question, depending on his current state of residence. You live in Illinois. I rarely give out specific recommendations, but I don’t want you to fall into the wrong hands.
Contact Kerry Peck, famed estate planning and elder law attorney.
Here is is website:

Tell his assistant that I said to call and that time is of the essence. You want to get any changes done while your father is competent to make them.
PS you know I get nothing out of this recommendation except the knowledge that you will get the right advice!!!

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