10/14/2026
A common misconception: "My estate isn't large enough to worry about estate taxes."
In Illinois, the estate tax exemption is $4 million, which is significantly lower than the federal exemption of $15,000,000 million.
What many people do not realize is that assets such as life insurance proceeds, payable on death accounts, investments, and even vehicles are included when determining the value of an estate.
One of the goals of estate planning is identifying potential issues before they become costly surprises for your loved ones.
That's why having the conversation matters.