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Asked 4/30/2008

Inheritance Tax Waiver Form - Illinois

My father passed away recently. As part of his retirement benefits package he had some life insurance. The company, in their packet of forms we need to fill out, is asking for an Inheritance Tax Waiver form. It does not specify whether or not IL has such a waiver. However, if it does we need to include the form! Help! Does IL have an inheritance tax waiver? If so where can I get such a form.
Thanks.

 
 
 
 
Answers

Answer 1/5 - Submitted 9/29/2011

HELLO ! Is Illinois Broke ? like most states?
So they do require this form to be submitted before transfer of decedants assets.

 
 

Answer 2/5 - Submitted 10/3/2011

It doesn't look like Illinois has a waiver form based on some simple web searches. However, it may pay to be more thorough in looking at their legal resources. Check out these estate tax resources from the IL Attorney General's website:

http://illinoisattorneygeneral.gov/publications/es tatetax.html

If all else fails, consult a lawyer. Some states have no such waiver. In that case, you'll be liable to pay part of the estate tax, if the size of the estate qualifies for these fees. Watch out for deadlines, since hefty penalties and fees can follow, if the estate tax isn't paid up.

The same goes for estate taxes at the Federal level. Unfortunately, chances are high that Illinois does not give generous waivers. It's known as one of the highest tax states in the nation. Pick up a good book or use the internet to find tax mitigation strategies you might still be able to utilize. Any help in reducing draconian estate taxes is well worth tracking down.

 
 

Answer 3/5 - Submitted 2/7/2012

Illinois no longer has an Inheritance Tax, only an Estate "Transfer" Tax. Illinois stopped issuing Inheritance Tax Waivers on January 1, 1983, so any decedent who passed away subsequent to that date does not need an Inheritance Tax Waiver. For additional questions, you can call the Illinois Attorney General's Office in Springfield at (217) 524-5095.

 
 

Answer 4/5 - Submitted 2/9/2012

Ask the legal department of the insurance company about it. Ask them to send you an email of the law regarding the tax waiver.

 
 

Answer 5/5 - Submitted 2/9/2012

Ask the legal department of the insurance company about it. Ask them to send you an email of the law regarding the tax waiver.

 
 
 
 
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