Estate Planning

Stock, Carlson & Duff LLC

Illinois Estate Tax Planning Attorneys

Plan Your Estate Taxes with a Wheaton Attorney

Anything a person owns at death may be subject to both, or either of, the Federal estate tax and the Illinois inheritance tax. This can include all assets that are a part of your taxable estate, such as real estate (including your home); passive investments; business investments; IRAs, 401(k) and other retirement accounts; and the proceeds of life insurance.

The taxable estate is not the same as the probate estate. For example, proceeds of life insurance or retirement accounts will usually have a named beneficiary, in which case they are not part of the person's probate estate. A trust will generally direct the disposition of assets upon the death of the person who created the trust, and not part of the person's probate estate. But both may be part of the taxable estate.

Although taxes can be complicated, there are valuable tools that can be utilized in the estate planning process to reduce estate and inheritance taxes. For example, the tax laws provide tax benefits if retirement funds are left to certain individuals, and some kinds of trusts can be used to reduce estate and inheritance taxes.

The attorneys at the Wheaton law firm of Stock, Carlson & Duff LLC, can discuss various legal techniques you can use and apply to your assets that may reduce the amount of taxes you have to pay on them. With over 40 years of applied legal experience, helping families throughout DuPage, Cook, and Kane Counties, we have guided our clients through the estate planning process to help them make informed financial decisions that are in line with their goals.

At Stock, Carlson & Duff LLC, our attorneys recognize the individual needs that are unique to each of our clients. We value the concerns our clients have regarding how their assets will be distributed and how those assets will continue to benefit family members, charitable organizations and others you may wish to include in your estate plan.

Contact an Estate Tax Attorney

Your final legacy should be protecting your family. Contact our estate tax planning attorneys at Stock, Carlson & Duff LLC to discuss the ways in which you can continue to protect your assets so they can continue to benefit your family.

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