The Illinois Estate Tax Code: Will Change Finally Happen? – Vermilion County First

"It was back in 2003 that the State of Illinois decoupled from the federal level of how “Estate Tax” is handled. Commonly known as the 'Death Tax,' it applies to family businesses as well as farms. But it’s on the farm where most conversation about this has occurred. While families of the owner of farmland owned by a deceased party are not subject to the Estate Tax, according to the federal level, until the property’s appraised value reaches the $13 million mark; in Illinois the tax kicks in at the $4 million mark, causing many families to have to sell portions of their farms or sell the farms entirely."