2020 Federal and Illinois Estate, Gift, and Generation Skipping Transfer (GST) Tax Exemption Amounts
The 2020 Federal estate tax, gift tax, and generation skipping transfer (GST) tax exemption amounts currently are $11,580.00.00.
The 2020 Illinois estate tax exemption amount currently remains $4,000,000.00, the same amount as 2019. Illinois does not have a gift tax although lifetime gifts [adjusted taxable gifts (as defined for Federal estate tax return purposes)] are included in the calculation to determine the amount of the Illinois estate tax due upon death. Illinois does not impose a GST tax.