{"id":136606,"date":"2024-12-19T01:48:16","date_gmt":"2024-12-19T01:48:16","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/"},"modified":"2024-12-19T01:48:16","modified_gmt":"2024-12-19T01:48:16","slug":"is-there-inheritance-tax-in-illinois","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/","title":{"rendered":"Is there inheritance tax in Illinois?"},"content":{"rendered":"<p><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Yes_there_is_inheritance_tax_in_Illinois\" title=\"Yes, there is inheritance tax in Illinois.\">Yes, there is inheritance tax in Illinois.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#What_is_the_current_inheritance_tax_rate_in_Illinois\" title=\"What is the current inheritance tax rate in Illinois?\">What is the current inheritance tax rate in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Who_is_responsible_for_paying_the_inheritance_tax_in_Illinois\" title=\"Who is responsible for paying the inheritance tax in Illinois?\">Who is responsible for paying the inheritance tax in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Are_there_any_exemptions_or_exclusions_to_the_inheritance_tax_in_Illinois\" title=\"Are there any exemptions or exclusions to the inheritance tax in Illinois?\">Are there any exemptions or exclusions to the inheritance tax in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#How_is_the_value_of_inherited_assets_determined_for_inheritance_tax_purposes_in_Illinois\" title=\"How is the value of inherited assets determined for inheritance tax purposes in Illinois?\">How is the value of inherited assets determined for inheritance tax purposes in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#When_is_the_inheritance_tax_due_in_Illinois\" title=\"When is the inheritance tax due in Illinois?\">When is the inheritance tax due in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Can_the_inheritance_tax_be_minimized_or_avoided_in_Illinois\" title=\"Can the inheritance tax be minimized or avoided in Illinois?\">Can the inheritance tax be minimized or avoided in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Is_the_inheritance_tax_in_Illinois_the_same_as_the_federal_estate_tax\" title=\"Is the inheritance tax in Illinois the same as the federal estate tax?\">Is the inheritance tax in Illinois the same as the federal estate tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#What_happens_if_the_inheritance_tax_in_Illinois_is_not_paid_on_time\" title=\"What happens if the inheritance tax in Illinois is not paid on time?\">What happens if the inheritance tax in Illinois is not paid on time?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Are_there_any_specific_forms_that_need_to_be_filed_for_inheritance_tax_in_Illinois\" title=\"Are there any specific forms that need to be filed for inheritance tax in Illinois?\">Are there any specific forms that need to be filed for inheritance tax in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Can_the_inheritance_tax_in_Illinois_be_deducted_from_the_federal_estate_tax\" title=\"Can the inheritance tax in Illinois be deducted from the federal estate tax?\">Can the inheritance tax in Illinois be deducted from the federal estate tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#What_happens_if_there_are_multiple_beneficiaries_inheriting_assets_in_Illinois\" title=\"What happens if there are multiple beneficiaries inheriting assets in Illinois?\">What happens if there are multiple beneficiaries inheriting assets in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#Are_life_insurance_proceeds_subject_to_inheritance_tax_in_Illinois\" title=\"Are life insurance proceeds subject to inheritance tax in Illinois?\">Are life insurance proceeds subject to inheritance tax in Illinois?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Yes_there_is_inheritance_tax_in_Illinois\"><\/span>Yes, there is inheritance tax in Illinois.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Inheritance tax refers to a tax imposed on the inheritance received by an individual after someone&#8217;s death. This tax is separate from the federal estate tax, which is imposed on the estate itself. In Illinois, inheritance tax is also known as the estate tax, and it applies to assets passed down to beneficiaries.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_current_inheritance_tax_rate_in_Illinois\"><\/span>What is the current inheritance tax rate in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe inheritance tax rates in Illinois range from 0.8% to 16% depending on the value of the inherited assets and the relationship between the deceased and the beneficiary.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_is_responsible_for_paying_the_inheritance_tax_in_Illinois\"><\/span>Who is responsible for paying the inheritance tax in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe beneficiaries who receive the inherited assets are responsible for paying the inheritance tax in Illinois.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_there_any_exemptions_or_exclusions_to_the_inheritance_tax_in_Illinois\"><\/span>Are there any exemptions or exclusions to the inheritance tax in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, there are exemptions and exclusions to the inheritance tax in Illinois. For example, transfers to a surviving spouse, transfers to a charitable organization, and transfers to lineal descendants are exempt from inheritance tax.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_is_the_value_of_inherited_assets_determined_for_inheritance_tax_purposes_in_Illinois\"><\/span>How is the value of inherited assets determined for inheritance tax purposes in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe value of inherited assets is typically determined based on their fair market value at the time of the deceased individual&#8217;s death.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_is_the_inheritance_tax_due_in_Illinois\"><\/span>When is the inheritance tax due in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe inheritance tax in Illinois is due within nine months of the decedent&#8217;s date of death.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_the_inheritance_tax_be_minimized_or_avoided_in_Illinois\"><\/span>Can the inheritance tax be minimized or avoided in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThere are certain estate planning strategies that can help minimize or avoid inheritance tax in Illinois, such as setting up trusts, making gifts during one&#8217;s lifetime, and taking advantage of exemptions and exclusions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_inheritance_tax_in_Illinois_the_same_as_the_federal_estate_tax\"><\/span>Is the inheritance tax in Illinois the same as the federal estate tax?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nNo, the inheritance tax in Illinois is different from the federal estate tax. The federal estate tax is imposed on the estate itself, while the inheritance tax in Illinois is imposed on the inherited assets received by beneficiaries.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_the_inheritance_tax_in_Illinois_is_not_paid_on_time\"><\/span>What happens if the inheritance tax in Illinois is not paid on time?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFailure to pay the inheritance tax in Illinois on time can result in penalties and interest being added to the amount owed.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_there_any_specific_forms_that_need_to_be_filed_for_inheritance_tax_in_Illinois\"><\/span>Are there any specific forms that need to be filed for inheritance tax in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, beneficiaries may need to file Form IH-14, Schedule P, and other relevant forms with the Illinois Department of Revenue to report and pay the inheritance tax.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_the_inheritance_tax_in_Illinois_be_deducted_from_the_federal_estate_tax\"><\/span>Can the inheritance tax in Illinois be deducted from the federal estate tax?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, the inheritance tax paid in Illinois can be deducted from the federal estate tax when calculating the total estate tax liability.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_there_are_multiple_beneficiaries_inheriting_assets_in_Illinois\"><\/span>What happens if there are multiple beneficiaries inheriting assets in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nEach beneficiary is responsible for paying their share of the inheritance tax based on the value of the assets they receive.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_life_insurance_proceeds_subject_to_inheritance_tax_in_Illinois\"><\/span>Are life insurance proceeds subject to inheritance tax in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nLife insurance proceeds paid to a beneficiary are typically not subject to inheritance tax in Illinois, as long as the beneficiary is designated by the policy and the proceeds are not part of the deceased individual&#8217;s estate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes, there is inheritance tax in Illinois. Inheritance tax refers to a tax imposed on the inheritance received by an individual after someone&#8217;s death. This tax is separate from the federal estate tax, which is imposed on the estate itself. In Illinois, inheritance tax is also known as the estate tax, and it applies to &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Is there inheritance tax in Illinois?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#more-136606\">Read more<span class=\"screen-reader-text\">Is there inheritance tax in Illinois?<\/span><\/a><\/p>\n","protected":false},"author":31,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-136606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is there inheritance tax in Illinois?<\/title>\n<meta name=\"description\" content=\"Yes, there is inheritance tax in Illinois. Inheritance tax refers to a tax imposed on the inheritance received by an individual after someone&#039;s death.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is there inheritance tax in Illinois?\" \/>\n<meta property=\"og:description\" content=\"Yes, there is inheritance tax in Illinois. Inheritance tax refers to a tax imposed on the inheritance received by an individual after someone&#039;s death.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - Free Credit Card Generator [100% Valid]\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/synchronyfinancial\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-19T01:48:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/namso-gen.co\/blog\/wp-content\/uploads\/2024\/03\/faq.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nancy Knight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@synchrony\" \/>\n<meta name=\"twitter:site\" content=\"@synchrony\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nancy Knight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\"},\"author\":{\"name\":\"Nancy Knight\",\"@id\":\"https:\/\/namso-gen.co\/blog\/#\/schema\/person\/14d390abf2039f09dfd42178d0b3f910\"},\"headline\":\"Is there inheritance tax in Illinois?\",\"datePublished\":\"2024-12-19T01:48:16+00:00\",\"dateModified\":\"2024-12-19T01:48:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\"},\"wordCount\":518,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/namso-gen.co\/blog\/#organization\"},\"articleSection\":[\"Learn\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\",\"url\":\"https:\/\/namso-gen.co\/blog\/is-there-inheritance-tax-in-illinois\/\",\"name\":\"Is there inheritance tax in Illinois?\",\"isPartOf\":{\"@id\":\"https:\/\/namso-gen.co\/blog\/#website\"},\"datePublished\":\"2024-12-19T01:48:16+00:00\",\"dateModified\":\"2024-12-19T01:48:16+00:00\",\"description\":\"Yes, there is inheritance tax in Illinois. 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