The IRS and State of Michigan have completed their annual adjustments to important thresholds in the estate planning and elder law world. Here is a quick reference guide to the current numbers.
| Estate and Gift Tax | |
| Estate, Gift and GST Tax Exemption Equivalent: | $5,430,000 |
| Gift Tax Annual Exclusion: | $ 14,000 |
| Annual Exclusion for Noncitizen Spouse: | $ 147,000 |
| Maximum Estate and Gift Tax Rate: | 40% |
| Medicaid Asset and Income Thresholds | |
| Maximum Community Spouse Asset Allowance: | $ 119,220 |
| Minimum Community Spouse Asset Allowance: | $ 23,844 |
| Maximum Community Spouse Income Allowance (monthly): | $ 2,981 |
| Monthly Income Cap for Home and Community Based Waiver: | $ 2,199 |
| Average Monthly Cost of Nursing Home Care (Divestment Penalty Divisor): | $ 8,084 |
| Maximum Home Equity Value: | $ 552,000 |
| Estates and Trust Code | |
| Intestate Share of Surviving Spouse with Children with Decedent: | $ 221,000 |
| Intestate Share of Surviving Spouse with no Children with Decedent: | $ 148,000 |
| Homestead Allowance (spouse/minor’s shelter during estate administration): | $ 22,000 |
| Exempt Property (spouse/children’s right to household and personal property): | $ 15,000 |
| Family Allowance (to support spouse/minors during estate administration): | $ 27,000 |
| Small Estates (qualifies for summary procedure): | $ 22,000 |
| Small Trusts (May be terminated as too small to justify administration expenses): | $ 74,000 |