Changes are coming to the Illinois estate tax. Illinois reestablished its estate tax in 2011. Recent legislation signed by Governor Quinn will raise the amount excluded from the estate tax from $2,000,000 for a decedent dying in 2011 to $3,500,000 for a decedent dying in 2012 and $4,000,000 for a decedent dying in 2013.
However, the Illinois estate tax works in mysterious ways. Although the exclusion amount rises, a $5,000,000 estate will generate the same Illinois estate tax due for a decedent dying in 2011 or 2012.
Of course, estate planning is a major part of the work we do at Culbertson & Allen, LLC. If you need assistance with estate planning, please give us a call at the office at (309) 244-8204.