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The document is the Illinois Estate & Generation Skipping Transfer Tax Return (Form 700) for decedents dying on or after January 1, 2015. It outlines the requirements for filing estate tax returns in Illinois, including details about the decedent's information, applicable taxes, and necessary schedules. The form includes options for requesting a Certificate of Discharge, making an Illinois QTIP election, and provides instructions for calculating and reporting estate taxes based on federal and state guidelines.

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Who is required to file form 700?

Overview. Every elected official and public employee who makes or participates in making governmental decisions is required to submit a Statement of Economic Interests, also known as the Form 700. The Form 700 provides transparency and ensures accountability in governmental decisions.

How much money can you inherit without paying taxes on it in Illinois?

As stated above, you are not required to pay inheritance taxes in Illinois if your estate is worth under $4 million. However, if your estate has a value of $5 million, the party may have to pay at least $300,000 in state estate taxes. If your estate is worth $5 million, this means you have a 29% tax rate.

What is the best way to avoid inheritance tax?

A common way to avoid Inheritance Tax, or reduce the amount eventually payable, is to give money or assets to the beneficiaries of your estate while youre still alive. This will not only reduce the value of your estate once you die, but also help the assets reach your loved ones tax-free.

What is the inheritance tax waiver in Illinois?

Illinois Estate Tax Exemption The estate tax threshold for Illinois is $4 million. This means that if you die and your total estate is worth less than $4 million, the estate wont owe anything to the state of Illinois.

Where to file Illinois form 700?

For all other counties, file the original of the return with the Office of the Attorney General, Revenue Litigation Bureau, 500 South Second Street, Springfield, Illinois 62706. Effective July 1, 2012, an additional copy of the return, without attachments, must also be filed with the State Treasurer.

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How to avoid Illinois inheritance tax?

Utilize Irrevocable Trusts: Establishing an irrevocable trust can effectively remove assets from your taxable estate, thus reducing the estates value subject to Illinois estate tax.

How do I keep my inheritance from being taxed?

How can I avoid paying taxes on my inheritance? Consider the alternate valuation date. Put everything into a trust. Minimize retirement account distributions. Give away some of the money.

Do I have to pay taxes on inheritance in Illinois?

As of 2021, there is no federal or Illinois tax on inheritances. Some states do impose inheritance taxes, but not Illinois. Illinoisans who inherit money or property, or receive it as a gift, are not taxed.