Most folks know that the federal government imposes an estate tax on estates with total assets that exceed $12.92 million in 2023. The Internal Revenue Code (“Code”) Section 2010 calls that amount the “Applicable Exclusion Amount” (“AEA”) and adjusts it for inflation annually. Even if individuals do not have that number etched in their memory, […]
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Estate Planning For Owners, Investors And Creators Of Art (Part 2) — Illinois Estate Planning and Elder Law Blog — May 7, 2024
In the last post, I wrote about some of the complexities of art in estate planning as well as some...