| stupid - 5/26/2026 09:07
Your attorney is correct on $1 over all is taxed. If it can be passed as undivided interests, then it will get a 20% haircut. As to your other questions I don't know. My interpretation of your current law would indicate the attorney is incorrect in his statement. I have a proprietary solution to avoid this taxation altogether that’s much simpler and less expensive to adopt than setting up Family limited partnerships, LLC’s, etc. An LLC on its own does nothing to lessen/mitigate Illinois state tax. My solution would require the establishment of irrevocable trusts though, to lock in the spousal exemption that is not automatically portable in your state upon first spouse passing.(credit shelter trust) Email is good if need/wish to discuss further.
Edited by Boone & Crockett 5/26/2026 11:39
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State Estate Tax Thresholds - Illinois? MN?
