New York Probate and Estate Administration Lawyer Blog
During one of the state of Illinois’ largest ever tax increases; the new public act appears to contain a nice loophole for the wealthy deceased, said a New York Estate Planning lawyer.
Earlier this year the Governor of Illinois signed into law the Public Act 096-1496, the Taxpayer Accountability and Budget Stabilization Act.
Aside from increasing state income taxes on individuals and corporations, [it] reinstated the Illinois estate tax effective January 1, 2011, with a $2,000,000 exemption.
The estate tax in Illinois, which is not independent, is directly tied to the federal estate tax and is known as a “pick-up” estate tax.
Before EGTRRA, which was enacted in 2001, states that had a “pick-up” estate tax enjoyed a federal credit for state death taxes. Until 2010, Illinois incurred no federal state death tax credits, which caused a problem for taxpayers who assumed EGTRRA had continued to hold these estate taxes.
A New York Estate Planning Lawyer explained that the Illinois Attorney general had issued a warning last year about a possible reinstituted estate tax even though there currently is not one. He added that the Governor’s new law protects this possibility.
The new law clearly states that 2010 Illinois descendants will have no estate tax. Those who die after 2010, however, may be subject to a tax but have an exemption of up to $2 million. In the Bronx and Staten Island these changes are being studied to see how they might effect estates in NY.
Planning for the future encompasses many parts of your life. New York Estate Planning Attorneys understand tax laws and how they relate to your income and particular situation. New York Estate Planning Attorneys are here to represent you and make sure your estate and affairs are in order.The law offices of Stephen Bilkis & Associates has caring New York Probate Lawyers that can help you plan your estate. Our New York Probate Lawyers can help you probate an estate, write a will or set up a trust. We have convenient offices in New York City, Brooklyn, Queens, Bronx, Suffolk and Nassau County. We want to help you through what may be a difficult time with as little problems as possible and offer a free consultation at 1-800-NYNY-LAW (1-800-696-9529). Call us today to take advantage of this free consultation and speak to a New York Probate Lawyer from our firm.