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CMS Announces Spousal Allowance Amounts unchanged for 2016

The 2016 Community Spouse Resource Allowance will remain at $119,200 (maximum) and $23,844 (minimum), as recently reported by the Centers for Medicare and Medicaid Services (CMS).  In addition, the spousal monthly maintenance needs allowance will remain $2,980.50 a month.  For medicaid eligibility, the income cap is projected to remain at $2,199.…

2016 Estate and Gift Tax Exemption increases from $5.43 to $5.45 million per person

2016 Estate and Gift Tax Exemption increases from $5.43 to $5.45 million per person

The estate and gift tax exemption for 2016 is increased to $5.45 million per individual– increased from $5.43 million in 2015. With the exemption, a US citizen is able $5.45 million to heirs and pay no federal estate or gift tax. A married couple may combine the exemptions to protect…