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DuPage County Estate Tax Planning Attorney

Oakbrook Terrace estate tax planning attorney

Oakbrook Terrace Estate Tax Laywers Serving DuPage County and Cook County

Regardless of your age and the extent of the assets you own, it is important to have an estate plan in place that will ensure that your wishes will be followed in the event of your death. However, if you do own significant assets, you may need to take additional steps to protect these assets and ensure that they can be transferred to your heirs correctly. In some cases, estate taxes may be a concern, and you may need to determine how you can minimize the amount of taxes that will apply and preserve your family's wealth for future generations.

The attorneys of Farooqi & Husain Law Office understand the complex financial issues that play a role in the estate planning process. We can review your assets and financial situation to determine the best strategies for minimizing estate taxes so that your loved ones can inherit as much of your estate as possible. We can also help address any other concerns that may affect your family in the future and ensure that you and your loved ones will have the financial resources you need.

Protecting Assets Against Estate Taxes

Both federal and state estate taxes may be levied on the assets of a deceased person. The Tax Cuts and Jobs Act of 2017 has provided for a federal estate tax exemption of around $12 million, although this law is scheduled to sunset in 2026, after which the exemption amount will revert to around $5 million. In Illinois, an exemption of $4 million will apply for state estate taxes. These exemption amounts are doubled for married couples.

Any assets that exceed the exemption amounts may be subject to estate taxes after a person's death. These taxes can be significant, and if not planned for correctly, they can eat away at the assets that a family has worked so hard to accumulate. However, there are a few different ways to reduce the amount of a taxable estate or protect assets from estate taxes. These include:

  • Gifts - A person or couple may transfer assets to their loved ones in order to reduce the value of their estate. Gift taxes may apply to these transfers, but an annual gift tax exclusion of around $16,000 (or $32,000 for a married couple) will apply for gifts given to a single person. By gifting assets to heirs on an annual basis without exceeding the gift tax limits, the value of an estate may be reduced below the estate tax exemption limit, ensuring that taxes will not be levied on the amounts that are passed to beneficiaries.
  • Irrevocable trusts - These types of trusts can be used to protect assets from estate taxes by removing them from the estate. Once an asset is placed into an irrevocable trust, the grantor will no longer have any ownership rights over it, and it will not be included in their estate for tax purposes. This can be a useful strategy for protecting assets, but it is important to note that irrevocable trusts cannot be modified or undone after they are created, so a person will need to consult with an attorney and be sure they understand their rights and options before taking this step.
  • Life insurance - Payouts from life insurance policies are typically not subject to estate taxes, and this can be an attractive option for those who are concerned about protecting their assets. Irrevocable life insurance trusts may be used to further protect life insurance payouts from estate taxes, and these trusts can provide financial resources for loved ones in the event of a person's death.
  • Family LLCs - A limited liability company (LLC) can be used to hold a family's assets and minimize estate taxes when assets are transferred to beneficiaries. This can be a complex asset protection strategy, and it is important to consult with an experienced attorney to ensure that the proper steps are followed when creating and managing an LLC.

Contact Our DuPage County Asset Protection Lawyers

The estate planning process is complex, and there are many factors to consider. However, with the help of an experienced attorney, you can ensure that your assets will be protected. At Farooqi & Husain Law Office, our estate planning attorneys have extensive experience helping clients plan for their future and minimize estate taxes. We can help you understand your options and create an estate plan that meets your unique needs and objectives. Contact us today at 630-909-9114 to schedule a consultation. We represent clients in DuPage County, Cook County, Will County, and Kane County.

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