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Kiplinger
Kiplinger
Business
Scott Tucker, Investment Adviser Representative

The Illinois 'Cliff Tax': A Single Dollar Could Cost Families Hundreds of Thousands

Illinois Insurance Kiplinger
(Image credit: Getty Images)

Illinois remains one of the few states that still imposes its own estate tax, and its rules are very different from the federal system's.

The federal estate tax exempts $15 million per person, or $30 million per married couple. Illinois uses a much lower $4 million estate tax threshold per married couple.

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