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How Do Retirement Accounts Affect Illinois Estate Tax? - Wealth and Estate Planners The maximum estate tax rate in Illinois is currently 16%. Federal estate taxes. If your estate is not subject to Illinois state estate taxes, Property taxes in Illinois and Chicago are confusing. Here's one thing to know when buying a home.
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Listen and subscribe to The Policy Shop: Other states across the country, including Illinois is known for having high property and corporate taxes, but it is also one of the few states that imposes estate taxes. State Estate & Inheritance Tax Rates and Exemptions as of Octo; Hawaii, $5,490,000, 10%-20% ; Illinois, $4,000,000, 0.8%-16.0%
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Does Illinois have an inheritance / estate tax? People receiving an inheritance often ask us if that inheritance will be taxed. In most cases, the answer is no inheritances are not
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