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| Federal exemption is currently 15 million per owner, but Illinois estate tax kicks in at 4 million. You don’t have to own too much ground for it to be a concern. Besides gifting it away, anyone have a good strategy for avoiding it? I have heard if you plan on retiring to a state without inheritance or estate taxes, and you farms are held in an LLC with shares and other owners, the state you reside in takes precedence over Illinois. Thinking out loud and looking for anyone with real world experience. I see why everyone is moving out of this state. | |
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Illinois estate tax
