If you thought inheritance taxes were complicated before, just wait for January 1. The inheritance tax is abolished starting January 1. But it only stays abolished until December 31, 2010. On January 1, 2011, the old inheritance tax system returns, except that the amount that is free of inheritance tax changes to $1 million per [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Inheritance tax
Illinois inheritance tax is alive and well
As this Wall St. Journal story explains, many states have an inheritance tax and Illinois is one of them. The tax kicks in on estates of $2 million or more. We tend to pay attention to only the federal inheritance tax limit of $3.5 million. This is one reason to make your domicile in Florida [...]
