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Taxes There is a federal tax on estates and gifts. Some states also have taxes. Illinois now imposes an estate tax in the amount the federal credit used to be. The federal tax is a single tax on all transfers either during the life (gifts) or at death. It is progressive and goes up to 35%. It is cumulative so each gift or transfer adds to the amount to be taxed. There is a credit against the federal estate and gift tax which allows $5,000,000 to pass tax free. This makes the effective estate tax rate 35% for all transfers. || Back
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Chicago Estate
Planning Attorney Donald M. Thompson |
