Illinois Estate Tax Reinstated for Smaller Estates than Federal Estate Tax

In her recent article Mind the Gap: Illinois Taxes Estates over $2 million, 99 Ill. B.J. 66 (2011), Helen Gunnarsson provides useful insights into the newly reinstated Illinois estate tax.   Primarily, the reinstated state estate tax applies to estates over $2 million, a figure which represents a taxation on much smaller estates than the Federal estate taxation threshold. 

Posted by Jessica Rebarber, Associate Editor, Wealth Strategies Journal