Michigan Treasury Reports

 The reported increases in statutory figures for 2023 are: 

Spouse's intestate share	2102, MCL 700.2102	273,000
Spouse's intestate share	2102, MCL 700.2102	182,000
Homestead allowance	2402, MCL 700.2402	27,000
Exempt property	2404, MCL 700.2404	18,000
Family allowance	2403, MCL 700.2403	33,000
Small estates	3982, MCL 700.3982	27,000
Sworn statement	3983, MCL 700.3983	27,000
Terminating small trusts	7414, MCL 700.7414	91,000

As a reminder, the smaller amount under section 2102 applies if none of the decedent's children are also children of the surviving spouse. 

The new year

Happy New Year to all! 

Federal figures that will apply for the living and those who die in 2023: 

• The per-person amount that is exempt from gift reporting requirements: $17,000. 
• The estate/gift tax exemption equivalent is now $12.92 million per person. 

The State of Michigan will announce updated probate figures later this month at this site.