A New Year, New Numbers to Keep in Mind for 2019

Estate and Gift Tax:

  • The federal lifetime exemption for property passing to non-spouse beneficiaries has been increased to $11,400,000.00.
  • The Connecticut lifetime exemption for property passing to non-spouse beneficiaries has been increased to $3,600,000.00.
  • There is still an unlimited gift/estate deduction for property passing to a spouse; however, in order to qualify for the unlimited gift/estate tax deduction the spouse must be a U.S. citizen.
  • The amount that can be gifted to any one person without needing to file a gift tax return remains the same at $15,000.00 per recipient. Additional gifts can be made for qualified medical expenses and qualified education expenses without needing to file a gift tax return. 

Long Term Care in a Nursing Facility:

  • If one spouse is living in a nursing home and the other spouse remains at home (“Community Spouse”), the maximum amount of non-excluded assets the Community Spouse can keep has been increased to $126,420.00.
  • If one spouse is living in a nursing home, the minimum amount of non-excluded assets the Community Spouse can keep has been increased to $25,284.00.
  • If one spouse is living in a nursing home, the minimum amount of monthly income the Community Spouse can keep remains the same at $2,057.50, and the maximum amount it can be increased to, without an administrative hearing, has been increased to $3,160.50.
  • If one spouse is living at home and the other spouse is living in a nursing home, the maximum amount of equity in the family home that can be excluded has been increased to $878,000.00.

Long Term Care Provided in Your Home:

  • The amount of gross monthly income you can have and still be eligible for the Connecticut Home Care Program for Elders (CHCPE) has been increased to $2,313.00.
  • The amount of gross monthly income that triggers a co-pay requirement remains the same at $2,023.00.
  • Use of a pooled trust for excess income to establish eligibility or to avoid co-pays remains a viable option.

If you are interested in learning more about how these 2019 numbers affect you and your family please visit our website and read our blog for recent posts.  For advice specific to you or your family, please contact the office.  We would be glad to meet with you for a no hassle, no charge initial consultation, no matter how long it lasts.

 

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