An executor of an estate is charged with handling a variety of responsibilities when a testator dies here in Park Ridge or another part of the Prairie State. An Illinois executor is responsible for paying estate taxes.
Not too long ago, there existed the risk that much of your loved one's estate would get eaten up by the federal "death tax." However, large exemptions currently exist that protect the vast majority of estates from paying federal estate taxes. Let's take a closer look at this exemption to determine how much -- if anything -- your estate may need to pay after you die.
Illinois is one of the few states that still charges its residents a death tax. This means that when you die, depending on the size of your estate, your estate may be subject to pay part of its value to the state of Illinois. The question is, will your estate be subjected to the death tax, or will it be exempt?
If you work for an employer in Illinois that deducts tax money from your paycheck each week, you may have noticed that more deductions are being applied to your salary. Since last July, human resources departments throughout the state have been notified of the increased state income tax obligations that Illinois workers must pay.
Not all Illinois residents go to a tax accountant to prepare their tax returns. Some go to tax lawyers who can help them prepare their tax filings in a legally appropriate manner. Fortunately, many tax lawyers offer competitive rates that compare to accounting firms that perform similar services.
Irrevocable trusts are some of the most popular forms of trusts out there today because of the many advantages they provide. These trusts are very easy to create and can be done with the help of an experienced attorney. Here are just a few of the benefits of creating an irrevocable trust in Illinois.
A politician in Illinois is pushing for updates to a law that he says compromises local farming families. The legislative improvements would be designed to address estate tax issues that could cause problems for agricultural legacies in the state. Reports show that Illinois is one of the most antiquated states when it comes to inheritance tax for agricultural operations and land transfer after death. A new proposed bill would repeal the older laws, allowing the state to join the majority of other jurisdictions throughout the nation.
An Illinois man who is fighting state-mandated retroactive estate tax will be allowed to pursue his case in circuit court, according to a recent decision from a state appeals panel. The man has been fighting estate tax issues since 2011. He is the executor of an estate valued at $5 million - and he argues that it was unfairly taxed.