The Illinois Attorney General (AG) Aug. 1 issued a notice and fact sheet on state estate taxes. The AG provides: 1) the federal exemption for federal estate tax purposes is $12.92 million for individuals dying in 2023; 2) the exclusion amount for Illinois tax purposes is $4 million; 3) taxpayers must file Form 700 if an estate’s gross value exceeds $4 million after the inclusion of adjusted taxable gifts; and 4) an original estate tax return must be filed with the AG’s office, by U.S. mail, courier, or hand delivery. The AG includes information on qualified terminable interest property elections ...
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