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West Central Illinois | Yes if it goes over 4 million they go back to the first dollar. But it is a phased-in rate. Very complicated so most attorneys use the Illinois official calculator to figure it. I’m assuming your attorney could do that to give you an estimate.
Best is to use 2032a to keep it below the threshold. If not, as others have said forming an LLC and establishing residency in a less tax hungry state will work.
I should probably call Boone to explore his method.
I’ve said many times if farmland was portable, Illinois would be one big hole. | |
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State Estate Tax Thresholds - Illinois? MN?
