4. Illinois
- Estate tax: Yes
- Estate tax rates: 0.8%-16%
- Estate tax exemption level: $4 million
According to many sources, Illinois turns out to be one of the least tax-friendly states in the US for retirees, so if you live here and you’re in your golden years, chances are the taxes may be a financial burden for you.
So yes, Illinois also has a death tax, which is graduated and goes up to 16%. However, it only applies to estates worth more than $4 million (the threshold must include the adjusted taxable gifts). At least the exemption amount isn’t too frightening. It also isn’t adjusted annually for inflation.
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time for a Tea party again