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Illinois form 700 2011

Illinois form 700 2011-2025

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The document is the Illinois Estate & Generation Skipping Transfer Tax Return (Form 700) for decedents who died on or after January 1, 2011. It outlines the requirements for filing estate tax returns in Illinois, including details about the decedent's estate, applicable taxes, and necessary schedules. The form includes sections for indicating whether a federal estate tax return is required, calculating the taxable estate, and determining any Illinois estate tax due. It also provides instructions for filing and payment of taxes, penalties, and interest.

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How does the Illinois estate tax exemption work?

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.

Does Illinois have a generation skipping tax?

Illinois also has a Generation Skipping Tax and a section that applies to it is on the Form 700. The Tax is incurred when a State Credit is allowable against the Federal Generation Skipping Tax. This only occurs in an indirect skip situation.

How much can you inherit tax free in Illinois?

Illinois has an estate tax exemption of $4 million per person, meaning that if you pass away with an estate valued at $4 million or less (this includes real estate, investment and retirement accounts, business interests etc.) generally speaking, you will not be subject to Illinois estate taxes.

How to avoid inheritance tax in Illinois?

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.

Is there still a generation skipping tax?

The tax is currently calculated at a flat rate of 40% (equal to the estate and gift tax rate) on transfers above the lifetime GST tax exemption amount ($13.99 million per individual in 2025). Note that the GST exemption amount is currently set to revert to a $7 million baseline in 2026, indexed for inflation.