The answer is maybe. While the current federal estate tax exempt amount is 11.7 million dollars the state estate tax exemption for Illinois is only 4 million dollars. Your failure to plan if you have close to 4 million dollars is that your family maybe be paying Illinois estate taxes (not federal) on the amount over 4 million dollars while still being well below the 11.7 million federal threshold. So don’t think because you are well below the 11.7 million dollar mark that no planning may be required to avoid all estate taxes. There are many smart people how have missed this and their families are playing the price.
William Wombacher, your Central Illinois Certified Elder Law Attorney (CELA) and Social Security Disability Specialist. I’ll help you! Call me at 309-674-8125, visit at www.wombacherlaw.com Serving Peoria, East Peoria, Peoria Heights, Pekin, Dunlap, Chillicothe, Morton, Washington, Metamora, Canton, Galesburg, Lacon, Henry, Bloomington, Normal and surrounding cities and counties of Peoria, Tazewell, Woodford, Fulton and Knox Counties in Central Illinois.