Was your estate plan drafted five or more years ago? If so, recent changes in the Federal and Illinois estate tax laws should prompt a review and update of that plan.
Effective January 1st of this year, each U.S. citizen can transfer during life or at death up to $5.43 million of property free of Federal estate tax. Transfers in excess of this amount are subject to Federal tax at a flat rate of 40%. For IllinoisRead More