The IRS, State of Michigan and Veterans Administration 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: $5,490,000
Gift Tax Annual Exclusion: $14,000
Annual Exclusion for Non citizen Spouse: $149,000
Maximum Estate and Gift Tax Rate 40%

Estates and Trusts Code

Intestate Share of Surviving Spouse with Children with Decedent: $224,000
Intestate Share of Surviving Spouse with no Children with Decedent: $150,000
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): $75,000

Medicaid Asset and Income Thresholds

Maximum Community Spouse Asset Allowance: $120,900
Minimum Community Spouse Asset Allowance: $24,180
Maximum Community Spouse Income Allowance (monthly): $3,023
Monthly Income Cap for Home and Community Based Waiver: $2,205
Average Monthly Cost of Nursing Home Care (Divestment Penalty Divisor): $8,018
Maximum Home Equity Value $560,000

Veterans Aid & Attendance Benefits (Maximum Monthly Benefit)

Single Veteran $1,794.25
Married Veteran $2,127.08
Surviving Spouse of Veteran $1,153.00
Veteran Married to Veteran $2,846.08

If you would like further information on estate planning orelder law topics, please contact David E. Waterstradt, JD, CELA, at231/773-1169 or by email at David is a Certified Elder Law Attorney bythe National Elder Law Foundation, the only elder law certification programaccredited by the American Bar Association.