Illinois Estate Tax
Illinois imposes an estate tax on estates exceeding $4 million. The tax ranges from 0.8% to 16% of the taxable estate.
Current Exemption
$4 million per person (2024). Illinois does not have portability, so married couples cannot combine exemptions without proper planning.
What's Included
- Real estate
- Bank and investment accounts
- Life insurance death benefits
- Retirement accounts
- Business interests
- Personal property
Tax Rates
Progressive rates from 0.8% to 16% on amounts over the exemption.
Planning Strategies
- Credit shelter trusts for married couples
- Lifetime gifting (annual exclusion: $18,000 per person in 2024)
- Irrevocable life insurance trusts
- Charitable giving
- Qualified personal residence trusts