2021 Federal and Illinois Estate, Gift, and Generation Skipping Transfer (GST) Tax Exemption Amounts
The 2021 Federal estate tax, gift tax, and generation skipping transfer (GST) tax exemption amounts currently are $11,700,000.00.
The 2021 Federal annual gift tax exemption remains $15,000.00, the same as 2020.
The 2021 Illinois estate tax exemption amount currently remains $4,000,000.00, the same amount as 2020. 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.