Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
Offices in Four Convenient Locations

Estate planning for the new tax law

Most Illinois residents are likely aware of the new tax law Congress passed in December. Some individuals may like it, while others may not. Some may feel it does nothing to help them, while others may see a lot of positive benefits from it. One area where it may help some is with estate planning and estate taxes.

So, what is the big change? Those with estates valuing certain amounts have always had to pay federal estate taxes. That is not something that will change; it will still be required. However, fewer people may find this something they have to do.

According to old laws, federal estate taxes were assessed on estates valuing over $5.6 million. The new law, however, changed that limit to $11.2 million. This is significant for those who have fairly high-value estates to worry about. For married couples, the exemption limit has been increased to $22.4 million -- this is to help ensure portability if it is properly invoked in the estate plan.

What does all this mean? It means that beneficiaries could see more in their pockets. It means that Uncle Sam will receive less in taxes. It means that Illinois residents should consider the estate planning process if they have not yet done so, or revisit it in order to make any necessary changes so that they can benefit from the new tax laws. An experienced estate planning attorney can help in either case and will do everything to ensure one's estate truly offers the protections and benefits desired.

Source: Forbes, "5 Questions To Ask Your Estate Planner After The New Tax Law", David Robinson, Jan. 9, 2018

No Comments

Leave a comment
Comment Information

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755