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Illinois Families Warned of $11M Estate Tax Gap After Federal Law Change

Illinois families face $11M estate tax gap as federal exemption rises to $15M, but state exemption stays at $4M. Kravets Law Group advises proactive planning to avoid unexpected Illinois estate tax.

This news matters because it highlights a common misconception that could cost Illinois families significant money. With the federal estate tax exemption permanently set at $15 million, many may overlook Illinois's $4 million exemption, which is not indexed for inflation and non-portable. Families with estates between $4 million and $15 million face unexpected state tax bills unless they proactively plan. Understanding this gap is crucial for protecting wealth and ensuring estate plans align with both federal and state laws.