— Tax Services
Estate Tax in Chicago
Navigating the intricacies of estate tax in Chicago, Presti & Naegele is your reliable ally. With more than 40 years of accounting expertise, we deliver comprehensive estate tax services to safeguard your assets, ensure compliance, and provide peace of mind for you and your heirs. Whether planning ahead or handling an estate after a loss, we bring clarity to this significant financial matter. From the stunning views of Lake Michigan to the vibrant cultural scene, we understand Chicago's unique landscape.
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Estate Tax Services
At Presti & Naegele, we empower individuals and businesses through expert advisory services. With personalized guidance, we build enduring partnerships and contribute to sustained success.
What Is the Meaning of Estate Tax?
Estate tax refers to the federal tax on a deceased person's total asset value at the time of their passing. These assets—ranging from real estate and investments to business interests and personal property—are termed by the IRS as the "gross estate." At Presti & Naegele, we guide you in understanding inclusions, valuation methods, and reducing liabilities through strategic planning and accurate filing in Chicago.
Our detailed estate tax service addresses every component—from pinpointing taxable assets to calculating deductions and preparing federal estate tax returns. We collaborate with executors, trustees, and family members to facilitate a smooth and error-free process.
Do You Have to Pay Taxes on Money Given to You When Someone Dies?
Beneficiaries typically aren't taxed on inherited assets, although there are important exceptions. Certain distributions from tax-deferred retirement accounts may incur tax obligations. Additionally, the estate itself might face federal and state taxes before distributions.
Presti & Naegele offers significant value. Our estate tax experts clarify taxable elements, find ways to minimize estate tax exposure, and manage the necessary documentation required by the IRS and Illinois state authorities. We assist heirs in receiving their inheritance effortlessly and with minimal tax impact.
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Why Estate Tax Services Matter More Than Ever
Estate tax involves more than just forms—it's about maintaining legacies, easing family stress, and protecting what you’ve accomplished. At Presti & Naegele, we understand the emotional and financial implications of settling an estate. That’s why we provide not only tax calculations but also valuable insights and steadfast support.
Our estate tax services tackle key challenges:
✔ We help prevent legal issues and penalties from incorrect filings in Chicago.
✔ We reduce stress for families during emotionally taxing times.
✔ We find tax-saving opportunities often missed by others.
✔ We ensure complete IRS compliance, offering peace of mind.
Who Benefits Most from Estate Tax Services?
Our estate tax services are crucial for:
✔ High-net-worth individuals in Chicago who want proactive estate planning.
✔ Executors and trustees managing complex or high-value estates.
✔ Families seeking to ensure their loved one’s wishes are fulfilled and protected.
✔ Attorneys and financial advisors in search of dependable CPA partners.
Whether you're encountering estate tax for the first time or aiming to shield your estate from future liabilities, Presti & Naegele provides the clarity and strategy you need.
Long-Term Value That Extends Beyond the Estate
What sets Presti & Naegele apart is our ability to provide value long after the estate is settled. From helping families establish trusts and gifting strategies to advising on succession planning, our firm becomes a financial ally for life. Our insights and services go beyond estate tax—they build enduring financial resilience.
Why Choose Presti & Naegele for Estate Tax Services?
Presti & Naegele blends expertise with a personal touch. Here’s why clients in Chicago and beyond select us:
✔ Extensive experience navigating estate tax law and regulations.
✔ Personalized attention from CPAs who care about your family’s future in Chicago.
✔ Innovative strategies to enhance tax efficiency and protect assets.
✔ A comprehensive firm offering advisory, valuation, and forensic capabilities to meet every financial requirement.
At Presti & Naegele, we don’t just manage your estate tax return—we prepare you for what lies ahead.
Frequently Asked Questions About Estate Tax
How is estate tax calculated?
Estate tax is calculated based on the gross estate value, which includes all assets you own or control at the time of your death. This value is reduced by allowable deductions such as debts, funeral expenses, and charitable contributions. The resulting taxable estate is then assessed at the current federal estate tax rate. Our team ensures all possible deductions are accurately accounted for to reduce your estate tax liability.
What is the federal estate tax exemption?
As of 2025, the federal estate tax exemption allows individuals to transfer a certain amount—over $13 million tax-free—to heirs before estate tax applies. Married couples can often double this amount. Presti & Naegele helps you plan within these thresholds and recommends gifting strategies and trusts to optimize your exemption usage.
Is there a difference between inheritance tax and estate tax?
Yes. Estate tax is levied on the deceased’s estate before distribution to heirs, while inheritance tax is imposed on the beneficiaries after they receive their inheritance. New York does not have an inheritance tax, but understanding state and federal differences is essential. We guide you through both, ensuring full compliance and strategic planning.
What happens if an estate tax return is filed late?
Filing late can result in substantial penalties and interest. Executors are legally responsible for timely submission, which is why engaging an experienced accounting firm like Presti & Naegele is crucial. We meet all deadlines, handle extensions when necessary, and protect you from unnecessary penalties.
Can estate taxes be reduced or avoided?
Yes—through effective planning. Options include gifting during your lifetime, setting up trusts, charitable contributions, and leveraging the marital deduction. Our CPAs craft personalized strategies to significantly reduce estate tax exposure and preserve more of your legacy for future generations.
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Discover the transformative experiences shared by our satisfied clients. In their own words, they highlight the impact of Presti & Naegele's expert tax services, client accounting precision, and strategic guidance on their financial success. Read our reviews to gain insights into the personalized and enduring partnerships we've forged.
I have had my business for more than 10 years and struggled through several *truly awful* accountants. I found Presti & Naegele about 5 years ago and have never looked back. They are a life-changing breath of fresh air and they will be my accountants for as long as I live.
Andy and the whole Presti Naegele team have been game changers as accountants for our business. My previous accountant was very hands-off and not accessible. Andy and his team are always available, willing and able to roll up their sleeves no matter what we throw at them. Highly recommend - do NOT hesitate to work with them!
