Legal Question in Wills and Trusts in Illinois

Re: Appraisal of property

Under Illinois law, your son and his sister are entitled to an equal share of their brother's estate, with you as the decedent's father getting a double share. This means you get 1/2, and your son and daughter get 1/4 each.

Yu don't need any value to "settle the estate", if you mean taxes, as long as the federal estate tax is zero. If your son's estate, plus any taxable gifts made during life, was less than $1,500,000, there is no federal or Illinos estate tax.

If you want to sell the property, either among the family or to others, you may want to do an appraisal to determine an asking price.

You may be able to avoid any gift tax consequences by disclaiming your share in favor of your grandson, but disclaimers are tricky. Any gift has to be evaluated for estate and gift tax purposes, but you can give away during lifetime, and as part of your estate, up to $1,000,000 (for gifts), and a minimum of $1,500,000 (for estates in 2006 through 2010, without having to pay a gift or estate tax. I recommend that you see an attorney familiar with these rules to determine the best way, and your alternatives, for giving your share to your grandson.

Our comments are based on treating your question as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

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