As a resident of Illinois who is trying to decide how to handle matters of your future passing and how it will impact your loved ones, you will surely have a lot to decide. We at Zapolis & Associates, P.C., are here to help you during this decision-making process. Today, we will take a look at some of the things you can do to reduce the estate taxes your loved ones may have to pay.
Estate taxes can be a huge blow to anyone financially. They take up potentially up to 55 percent of the assets while the estate is being handled, and it must usually be paid off within nine months of your passing. This can put a huge strain on the person or people who have been left behind to handle your estate matters.
Fortunately, there are a few ways you can help to reduce these taxes. The first is by removing assets from your estate. In doing this, you make it so those assets are no longer taxable. These assets can still be distributed, even if they are not included in the estate.
You can also use tax exemption through marriage. As long as your spouse is a citizen of the U.S., you are legally allowed to leave them an unlimited amount of assets after you pass that will have no estate taxes.
While dealing with matters of the estate can seem stressful, distressing and complicated, it doesn't have to be. You can take a look at our webpage, linked here, for more information on handling the possible reduction of estate taxes. You can also contact our attorneys to discuss the matter.