Estate Tax Planning
Preserving Wealth Across Generations
Do Illinois Residents Need Estate Tax Planning?
Understanding Federal and State Estate Tax Thresholds
Illinois imposes its own estate tax on estates valued over $4 million, which is significantly lower than the current federal threshold. This means many families in Elk Grove Village, Cook County, and the surrounding suburbs could face state estate taxes even if they are not subject to federal taxation. With proactive planning, Naumann & Associates helps high-net-worth individuals reduce liability and protect assets for future generations.
Strategies to Minimize Estate Taxes
Legal Tools That Protect Your Legacy
Credit Shelter Trusts (Bypass Trusts)
Allow married couples to fully use available exemptions and reduce taxable estate size.
Lifetime Gifting
Use annual exclusion gifts and federal exemptions to transfer wealth efficiently.
Irrevocable Life Insurance Trusts (ILITs)
Exclude insurance proceeds from taxable estates.
Family Limited Partnerships/LLCs
Provide valuation discounts and allow smoother transitions of family-owned assets.
Charitable Trusts and Donor-Advised Funds
Support causes while reducing estate tax liability.
Our Expertise in Complex Estate Planning
Proven Experience With High-Value Estates
Naumann & Associates has handled a growing number of complex estate tax planning cases in recent years. We stay current with evolving tax laws and design tailored strategies to fit each client’s needs. Our attorneys work collaboratively with accountants and financial advisors, ensuring every detail of an estate plan is coordinated for maximum tax efficiency.
Business and Property Considerations
Protecting Family Businesses and Real Estate Assets
Many estate tax issues involve closely held businesses or real estate holdings. Our firm’s combined experience in business law and real estate law makes us uniquely positioned to handle these challenges. From succession planning for family-owned businesses to structuring LLCs for property management, we create strategies that reduce taxes while ensuring assets transfer smoothly to heirs.
Plan Early to Maximize Savings
Preparing for Future Changes in Law and Life
Effective estate tax planning should begin before your estate approaches taxable levels. Starting early provides more options, from trusts to gifting strategies, and prepares families for possible changes in exemption limits. Even if you are currently under Illinois’s estate tax threshold, planning now ensures flexibility and can save significant amounts for your heirs in the future.
Secure Your Legacy from Unnecessary Taxes – Contact Us
Protect What You’ve Built With Proactive Planning
Estate tax planning can preserve wealth and prevent unnecessary taxes from diminishing what you leave behind. Naumann & Associates assists families throughout Elk Grove Village and the northwest Chicago suburbs with strategies that minimize taxes and maximize peace of mind. Contact us today to begin building a plan that ensures your legacy endures.