Recent legislation made the Illinois estate tax permanent and set exclusion amounts at $3.5 million in 2012 and $4 million in future years. While the higher limits exempt many estates, wealthier clients should consider making gifts to substantially reduce Illinois estate taxes. See full article below:
Gifts to Reduce Illinois Estate Taxes
Making Use of the Illinois Rules – Part 2: Planning for the Illinois QTIP Election
Robert J. Kolasa, CPA, LLM, Law Office of Robert J. Kolasa, Ltd.
Making Use of the Illinois Rules – Part I: Reducing Illinois Estate Taxes Through Lifetime Gifts
by Robert J. Kolasa, CPA, LLM, Law Office of Robert J. Kolasa, Ltd.
Legal Article: “The New Federal & Illinois Estate Tax Laws”
Publication: Lake County Bar Association, The Docket: March 2011
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
An analysis of the estate tax provisions contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Until 2013, this Act generally freezes the federal estate and gift tax exclusions at $5 million and adopts the convention of estate tax portability.
2010 Tax Act Article.robert J. Kolasa March 2011.With Attached Table
Legal Article: ” George Steinbrenner’s Estate Tax Home Run”
Publication: Illinois State Bar Association (ISBA) Trusts & Estates Newletter, October 2010
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
George Steinbrenner’s Estate Tax Home Run
This article explores the novel spector of estate tax repeal for 2010 due to Congressional deadlock along with the peculiar challenges of carryover basis for decedents passing in 2010.
Legal Article: “The Illinois QTIP Election to the Rescue”
Publication: Illinois Bar Journal: December, 2009
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
The Illinois QTIP Election to the Rescue
This is an article describing in detail the important adoption by the Illinois legislature of the “Illinois QTIP Election” for 2009 and future years. This estate planning technique permits optimal funding of the credit shelter trust for federal estate tax purposes, without incurring Illinois estate taxes in the estate of the first spouse to die. Technical complexities abound in implementation and administration of this technique.
Legal Article: “Estate Tax Law Changes Under the Obama Administration”
Publication: Lake County Bar Association, The Docket, February 2009
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
“Estate Tax Law Changes Under the Obama Administration”
This is an article describing upcoming anticipated changes to the estate tax laws and the probability of estate tax repeal. The article was based on my November 21, 2008 seminar before the Lake County Bar Association (Wills, Trust & Probate Commitee) on the same topic.
Legal Article: “How to Make Gifts to Reduce Illinois Estate Taxes”
Publcation: Illinois Bar Journal: November 2008, March 2009
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
How to Make Gifts to Reduce Illinois Estate Taxes
This article describes how Illinois estate taxes can dramatically be saved by the making of gifts during the client’s lifetime.