Elgin, IL asked in Estate Planning for Illinois

Q: Is there a monetary amount under which my heirs won't have to pay estate taxes?

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1 Lawyer Answer
Stephanie Sexauer
Stephanie Sexauer
  • Estate Planning Lawyer
  • Chicago, IL
  • Licensed in Illinois

A: Heirs don't pay estate taxes; the estate itself might pay estate tax, if the estate exceeds $11,180,000.00 in 2018. The estate may also be subject to income tax if the Decedent earned income that year (the same way a person pays their own income tax each year), or other taxes. Please note, you should consult with an estate planning attorney to clarify this question, as it was vague. This is not legal advice and we have not established an attorney/client relationship.

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