Estate and Gift Tax

What they are and How they work

Estate and Gift Tax

An Estate Tax is when a person dies a certain amount of the possessions owns will be taxed before they are passed down.;

A Gift Tax is when a large sum of money or a large asset (ex. Land, Cars etc.) is given to another person as a gift is taxed, and the donor is responsible for paying this tax

Estate and Gift Tax rates in Illinois

The Estate Tax rate in Illinois is 16% percent and the Gift Tax rate is atleast 35% percent

Situations when these taxes will be collected

Just like death, these taxes are certain in Illinois

Frequently asked questions

"Where does this money go to?": it's used to help fund government operations like most taxes.