Tax and Wealth Transfer Strategies for Affluent Illinois Families
- Vince DeCrow
- Mar 5
- 2 min read
Updated: Mar 12
We designed this guide exclusively for Illinois residents with $1M+ in investable assets or an estate with near $4 million or greater in total value. If you own a business, real estate, or a significant investment portfolio, the unique tax landscape in the Land of Lincoln makes proactive planning essential.
Illinois is one of only a handful of states with its own estate tax. With an exemption threshold of just $4 million, many families who worked a lifetime to build their wealth are affected without realizing it. We have seen firsthand how a lack of awareness about Illinois’s estate tax, its non-portability between spouses, and its “cliff” estate tax structure can cost families hundreds of thousands of dollars or more that proper planning could have preserved.
This guide covers various strategies our team uses to help Illinois clients navigate these challenges; from structuring Credit Shelter Trusts that fully utilize both spouses’ exemptions, to tax-loss harvesting, Roth conversion strategies, and charitable giving vehicles that serve both your values and your tax picture. These are not theoretical concepts. Rather, they are the frameworks we implement for our Illinois-based clients.
Disclosure
RISE Investment Management, LLC ("RISE" or "RISE Investments") is an investment adviser registered under the Investment Advisers Act of 1940. Registration of an investment adviser does not imply any level of skill or training. This publication is solely for informational purposes and past performance is not indicative of future results. Any description of products, services, and performance results of RISE contained in this publication are not an offering or a solicitation of any kind. No advice may be rendered by RISE Investments unless a client service agreement is in place. Advisory services are only offered to clients or prospective clients where RISE Investments and its representatives are properly licensed or exempt from licensure. All of the information in this publication is believed to be accurate and correct as the date set forth. RISE does not have or accept responsibility or an obligation to update such information. Please note, this article is for education purposes and should not be treated as tax or legal advice. This article is not a substitute for legal or tax advice from your professional legal or tax advisor.