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According to the Economic Growth and Tax Relief Reconciliation Act of 2001, the applicable exclusion increased to $3,500,000 in 2009, and the estate tax was repealed for estates of decedents dying in 2010, but then the Act was to "sunset" in 2011 and the estate tax was to reappear with an applicable exclusion amount of only $1,000,000.
The Family Farms Preservation Act would increase the tax threshold to $6 million meaning fewer Illinois farmers would be subject to the tax Democrat, Republican lawmakers give support to ...
While their combined assets are exempt from federal estate tax, Illinois levies its own estate tax on assets exceeding $4 million. Without an AB trust, $5 million would be subject to Illinois ...
The post Understanding Portability of the Estate Tax Exemption appeared first on SmartReads by SmartAsset. Estate planning could seem daunting, but it can also be made simpler by understanding key ...
2024 Illinois House of Representatives election, 46th District Party Candidate Votes % Democratic: Diane Blair-Sherlock (incumbent) 23,488 : 56.41 : Republican: Robert “Rusty” Stevens 18,153 43.59 Total votes 41,641 : 100.0 : Democratic hold
Given the potential reduction of the estate tax exemption in 2026, Hallock & Hallock recommends considering whether filing for portability makes sense if you have a spouse who died within the last ...
The elections coincided with the 2024 U.S. presidential election, as well as other elections to the House of Representatives, elections to the United States Senate, and various state and local elections. The primary elections were held on March 19, 2024.
The federal estate tax exemption — also referred to as the estate tax exclusion — is $11.7 million per person as of 2021. A married couple can effectively leave behind $23.4 million combined.