Reducing Illinois Estate Tax

Robert J. Kolasa (Lake Forest, Illinois) has recently published his article entitled How to Use Gifts to Reduce Illinois Estate Taxes, 96 Ill. B.J. 580 (2008).

Mr. Kolasa explains that:

In 2009, federal and Illinois estate taxes will be “decoupled” — i.e., the first $3.5 million of an estate will be exempt from federal estate tax, while $2 million will be exempt from Illinois tax.  This article explores how estate planners can use gifts to help clients reduce Illinois estate taxes.