While most people don't like to think about their own passing, it is something you must nevertheless prepare for if you want to make sure your estate is protected for the benefit of your family ― particularly if you own a business or other significant assets.
For instance, if your estate is large enough, it may be subject to an estate or inheritance tax under both federal and Illinois law. In fact, Illinois is one of only a handful of states that still imposes an estate tax on large estates.
While your estate may be exempt from taxes if it is less than a certain amount, it is important to remember that this amount that can vary from year to year ― meaning you must always be properly prepared and anticipate potential changes in the law. Indeed, even if you already have an estate plan in place, you may need to review this plan periodically to ensure it is still effective given any recent changes in the law.
With the help of an experienced attorney, you can minimize ― or completely avoid ― estate taxes in many situations. However, you must still contact a lawyer to learn what legal options may be available.
The laws regarding estate taxes can be quite complex, not to mention constantly changing, which is why it is best to consult with an experienced lawyer if you wish to protect your estate from excessive taxes. At the law firm of Herman J. Marino Ltd., P.C., in Chicago, we can help explain your options and guide you through the estate-planning process. To schedule an initial consultation, call us at 312-347-9990.
Estate Taxes For Small Business Owners
Business owners in Illinois often find themselves wondering, "Will my estate be taxed?" Well, this a legitimate concern, especially if your business is successful.
Fortunately, however, there are many estate-planning options that business owners can use to eliminate estate taxes. For example, if you form your business as a Family Limited Partnership, you may be able to escape estate taxes when you transfer the business from one generation to the next. In fact, picking the right business structure can help avoid many legal issues for small business owners before they even start.
To learn more, contact Herman J. Marino Ltd., P.C. Let us help you protect the business you have spent your life building.