Legal Question in Tax Law in Illinois

Probate taxes on property

In my death and my wifes, how do i avoud any of the sale of my house to go into probate. How do i pass on my entire estate to my 2 sons. Ages 29 and 24 and not have any of it to go to probate and not pay any taxes on it. I am 53 and my wife is 50, we atr in good health and have time to deal with what we have to do


Asked on 5/15/01, 4:00 pm

1 Answer from Attorneys
Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

Re: Probate taxes on property

Probate is not a tax in itself, it is simply a method of transferring a decedent's assets. it can avoided by using a living trust to hold your property. Trusts can also be used to minimize estate taxes, which are only an issue if your combined estate (inclduing life ins) exceeds $675,000. Feel free to call me at (847) 991-2250 to discuss.

Read more
Answered on 7/16/01, 5:13 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in Illinois