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A Better Partnership


Feb 2013
February 01, 2013

Estate Planning Tip: Changes to Important Estate Planning and Elder Law Threshholds

The recent tax bill changed some important estate and gift tax parameters.  Adjustments to other important thresholds in the estate planning and elder law world have recently been announced.  Here is a quick reference guide to the current numbers. 

Estate and Gift Tax    
Estate, Gift and GST Tax Exemption Equivalent: $ 5,250,000
Gift Tax Annual Exclusion: $ 14,000
Annual Exclusion for Noncitizen Spouse: $ 143,000
Maximum Estate and Gift Tax Rate $ 40%
Medicaid Asset and Income Thresholds    
Maximum Community Spouse Asset Allowance:  $ 115,920
Minimum Community Spouse Asset Allowance:  $ 23,184
Maximum Community Spouse Income Allowance (monthly): $ 2,898
Monthly Income Cap for Home and Community Based Waiver: $ 2,130
Average Monthly Cost of Nursing Home Care (Divestment Penalty Divisor): $ 7,631
Maximum Home Equity Value $ 536,000
Estates and Trust Code    
Intestate Share of Surviving Spouse with Children with Decedent: $ 215,000
Intestate Share of Surviving Spouse with no Children with Decedent: $ 143,000
Homestead Allowance (spouse/minor’s shelter during estate administration): $ 21,000
Exempt Property (spouse/children’s right to household and personal property): $ 14,000
Family Allowance (to support spouse/minors during estate administration): $ 26,000
Small Estates (qualifies for summary procedure): $ 21,000
Small Trusts (May be terminated as too small to justify administration expenses): $ 77,000

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