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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

The IRS and State of Michigan have completed their annual adjustments to important thresholds in the estate planning and elder law world.&nbsp; Here is a quick reference guide to the current numbers.

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<div>
<table style="width: 700px;" border="0" cellspacing="1" cellpadding="1" align="left">
<tbody>
<tr>
<td><strong><u>Estate and Gift Tax</u></strong></td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Estate, Gift and GST Tax Exemption Equivalent:</td>
<td style="text-align: right;">$5,430,000</td>
</tr>
<tr>
<td>Gift Tax Annual Exclusion:</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 14,000</td>
</tr>
<tr>
<td>Annual Exclusion for Noncitizen Spouse:</td>
<td style="text-align: right;">$&nbsp;&nbsp; 147,000</td>
</tr>
<tr>
<td>Maximum Estate and Gift Tax Rate:</td>
<td style="text-align: right;">40%</td>
</tr>
<tr>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td><strong><u>Medicaid Asset and Income Thresholds</u></strong></td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td>Maximum Community Spouse Asset Allowance:</td>
<td style="text-align: right;">$&nbsp;&nbsp; 119,220</td>
</tr>
<tr>
<td>Minimum Community Spouse Asset Allowance:</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 23,844</td>
</tr>
<tr>
<td>Maximum Community Spouse Income Allowance (monthly):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,981</td>
</tr>
<tr>
<td>Monthly Income Cap for Home and Community Based Waiver:</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,199</td>
</tr>
<tr>
<td>Average Monthly Cost of Nursing Home Care (Divestment Penalty Divisor):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,084</td>
</tr>
<tr>
<td>Maximum Home Equity Value:</td>
<td style="text-align: right;">$&nbsp;&nbsp; 552,000</td>
</tr>
<tr>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td><strong><u>Estates and Trust Code</u></strong></td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td>Intestate Share of Surviving Spouse with Children with Decedent:</td>
<td style="text-align: right;">$&nbsp;&nbsp; 221,000</td>
</tr>
<tr>
<td>Intestate Share of Surviving Spouse with no Children with Decedent:</td>
<td style="text-align: right;">$&nbsp;&nbsp; 148,000</td>
</tr>
<tr>
<td>Homestead Allowance (spouse/minor’s shelter during estate administration):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 22,000</td>
</tr>
<tr>
<td>Exempt Property (spouse/children’s right to household and personal property):</td>
<td style="text-align: right;">$ &nbsp;&nbsp;&nbsp;&nbsp;15,000</td>
</tr>
<tr>
<td>Family Allowance (to support spouse/minors during estate administration):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 27,000</td>
</tr>
<tr>
<td>Small Estates (qualifies for summary procedure):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 22,000</td>
</tr>
<tr>
<td>Small Trusts (May be terminated as too small to justify administration expenses):</td>
<td style="text-align: right;">$&nbsp;&nbsp;&nbsp;&nbsp; 74,000</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
</div>

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Trusts and Estates

Estate Planning Tip: 2015 IRS Annual Tax Threshold Adjustments

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