These are estate and gift taxes figures at the federal and state levels, as provided by Lynch Law LLC.
As your estates and probate lawyer, John J. Lynch can confidentially discuss what each of these figures means for the estate plan you have in mind.
IllinoisState Estate Tax:
This tax and inheritance taxes may apply at a much lower level than the federal tax; and if a person dies when resident in, or owning, property in one or more states with such a tax.
FederalEstate And Gift Tax Applicable Exclusion:
This is the amount that can be passed free of federal tax. The amount used during his or her lifetime is no longer available for use to pass assets at death.
At this writing, the estate and gift tax applicable exclusion is $11.18 million.
Annual Gift Tax Exclusion:
This is the amount that can be given to any person without using an applicable exclusion.
The annual gift tax exclusion is currently $15,000.
Generation-Skipping Tax Exemption:
This exemption permits gifts to grandchildren or other so-called "skip persons." Such a gift may also be used to avoid federal estate tax at the death of a child.
Each person currently has $11.18 million of generation-skipping tax exemption.
To discuss any and all tax law and IRS-related aspects of estate taxation, gift taxes, exclusions and exemptions, call our experienced estate planning attorney John J. Lynch at (630) 960-4700. Your email message is always responded to promptly. Our firm offers five convenient law office locations to serve you better, including Lisle, DuPage County, Will County, greater Chicago and surrounding areas.
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