Tuesday, January 31, 2023

Michigan Treasury Reports

 The reported increases in statutory figures for 2023 are: 

Spouse's intestate share2102, MCL 700.2102273,000
Spouse's intestate share2102, MCL 700.2102182,000
Homestead allowance2402, MCL 700.240227,000
Exempt property2404, MCL 700.240418,000
Family allowance2403, MCL 700.240333,000
Small estates3982, MCL 700.398227,000
Sworn statement3983, MCL 700.398327,000
Terminating small trusts7414, MCL 700.741491,000

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

Saturday, January 7, 2023

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

New amendments to EPIC

Public Act 1 (2024) made a number of changes to the Estates and Protected Individuals Code (EPIC). These changes were given immediate effect...