Last last year, the IRS announced the annual updates to certain key figures:
$13.99 million - the lifetime per-person estate and gift tax exemption equivalent
$19,000 - annual gift tax exclusion amount, per donor and per donee. If a gift is made that exceeds this limit, a gift tax return needs to be filed, but no gift tax will be payable unless the lifetime limit is exceeded.
In mid-February, the Michigan Treasurer announced the 2025 figures that apply to several of the provision for estates and trusts under the Estate and Protected Individuals Code. The key items:
$51,000 - The first annual increase for small estates, collection of funds by affidavit, and money that may be paid to a parent or guardian of a minor without having to name a conservator.
The full updates, and the amounts that have applied over the past 20+ years, are found here.
