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What is the Illinois estate tax exemption for 2025?

Illinois. As of January 1, 2025, the Illinois estate tax exclusion amount is $4,000,000, which is a taxable threshold and not a credit against tax. Unlike the federal estate tax exemption, the Illinois estate tax exemption is not portable.

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.

Does Illinois have an inheritance tax waiver?

Main Features of the Illinois Inheritance Tax While the federal exemption stands at $11.7 million per person as of 2021, Illinois offers a more modest exemption of $4 million. Bear in mind, that only estates exceeding this threshold incur the tax.

Does Illinois require an inheritance tax waiver?

Main Features of the Illinois Inheritance Tax While the federal exemption stands at $11.7 million per person as of 2021, Illinois offers a more modest exemption of $4 million. Bear in mind, that only estates exceeding this threshold incur the tax. Rates vary from 0.8% to 16%, increasing along with the estates value.

What is the meaning of inheritance tax waiver?

An inheritance or estate waiver releases an heir from the right to receive assets from an estate, and the associated obligations. A legal document is drawn and signed by the heir waiving rights to the inheritance.

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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.

How much can you inherit in Illinois without paying taxes?

$4 Million Exemption Per Person with No Portability generally speaking, you will not be subject to Illinois estate taxes. But if your estate exceeds $4 million, you are then subject to the Illinois estate tax.

Illinois inheritance tax waiver form 2025

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