What was the estate tax in 2014?

What was the estate tax in 2014?

40%
Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014

Year	Estate Tax Exemption	Maximum Estate Tax Rate
2011	$5,000,000	35%
2012	$5,120,000	35%
2013	$5,250,000	40%
2014	$5,340,000	40%

How estates are taxed in Illinois?

Illinois Estate Tax Rate The estate tax rate for Illinois is graduated and the top rate is 16%. Remember that in Illinois, you pay taxes on the entire estate if it is above the $4 million threshold. *The taxable estate is the total above the exemption of $4 million.

Does Illinois have an estate tax or inheritance tax?

An estate tax is imposed when someone dies, on the value of the estate they leave, before anyone inherits. But there’s no federal or Illinois tax on inheritances. Some states do have inheritance taxes, but not Illinois. Illinoisans who inherit money or property, or receive it as a gift, are not taxed.

What was the estate tax exemption in 2016?

It’s official—for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.

How do I avoid estate tax in Illinois?

The Illinois estate tax is not automatically portable between married couples. When the second spouse dies, the estate can only use one spouse’s exemption. As trust attorneys, we often recommend couples establish a marital trust to reduce and avoid estate tax.

What was the estate tax exemption in 2015?

$5.43 million
Laura Saunders. It’s official: The Internal Revenue Service announced Thursday that in 2015 the estate-tax exemption will rise to $5.43 million per individual from $5.34 million this year, due to an inflation adjustment.

What is the estate tax rate in Illinois?

In Illinois, the tax rate currently ranges from 0.8% to 16%, depending on the size of the estate. (Compare these rates to the current federal rate of 40%.) See the Illinois Attorney General’s Estate Tax publications for the exact estate tax rates in effect. Deadlines for Filing the Illinois Estate Tax Return

When do I need an Illinois estate tax release?

Code tit. 86, § 2000.100, et seq.) may be found on the Illinois General Assembly’s website. Inheritance Tax Releases: An Illinois Inheritance Tax Release may be necessary if a decedent died before January 1, 1983.

How to contact Illinois Attorney General for estate tax?

Please contact the Estate Tax Section, Illinois Attorney General’s Office with any questions or problems: Messages left on the estate tax lines will be monitored and callers will receive a response as soon as possible. may be found on the Illinois General Assembly’s website. Illinois estate tax regulations (Ill. Admin.

How are assets included in an estate in Illinois?

If you own assets with someone else, generally only your share will be included in your estate. In other words, if you and your spouse own your house, half of its value would be included in your estate. Notably, your gross estate also includes non-probate assets.