Did you know that leaving everything to your kids through beneficiary designations could still leave them with a surprise tax bill?
In Episode 47 of the Retirement Power Hour, Joe Allaria breaks down the Illinois estate tax and why it catches so many families off guard. Once your estate crosses the $4 million threshold, the tax applies to the entire amount, not just what’s over the line. And while beneficiary designations help assets avoid probate, they don’t avoid estate tax.
In this episode, we cover:
How Illinois estate tax differs from federal estate tax
What counts toward your estate (including life insurance)
What executors should know about personal liability
Why trust planning matters for married couples in Illinois
Strategies like gifting, charitable giving, and life insurance
For more information on this topic check out https://carsonallaria.com/2026/07/15/illinois-estate-and-inheritance-taxes-what-retirees-should-know/
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Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss, and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, Ltd., a Registered Investment Advisory firm. The information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement. Learn more about CarsonAllaria Wealth Management at https://carsonallaria.com/
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