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Old 07-21-2020, 07:52 PM   #5
Jeff/Illinois
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Join Date: May 2010
Posts: 2,223
Default Re: Estate planning/thinning the herd

30 Closed Cab... we just went thru this about 5 years ago.

In Illinois there are no death taxes, or estate taxes, or inheritance taxes for amounts under $5 million. It used to be $2 million, but that changed a number of years ago because it doesn't take very much farm property today to be worth 2 million bucks, any average farmer clears that hurdle.

So, the legislature changed the rules and upped the amount. This was from our estate attorney licensed in Illinois.

Also, the 'percentage' an executor can charge the Estate went away, also because if say you were dividing up a $5 million farm and claimed 10% or $500,000, the other heirs were raising all kinds of hell. Now you are only allowed time and mileage, and THAT has to go in front of a judge and he has to OK it.
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