Important Elder Law Facts & Figures for 2020
Below are figures for 2020 that are frequently used in our elder law practice or are of interest to clients:
Medicaid Spousal Impoverishment Figures for 2020
The new minimum community spouse resource allowance (CSRA) is $25,728 and the maximum CSRA is $128,640.
The maximum monthly maintenance needs allowance is $3,216.
The minimum monthly maintenance needs allowance will be $2,155 ($2,693.75 for Alaska and $2,478.75 for Hawaii) beginning July 1, 2020.
Medicaid Home Equity Limits
For CMS's complete chart of the 2020 SSI and Spousal Impoverishment Standards, click here.
The income cap for 2020 applicable in "income cap" states is $2,349 a month.
Gift and estate tax figures
Fed estate tax exemption: $11.58 million for individuals, $23.16 million for married couples
Lifetime tax exclusion for gifts: $11.58 million
Generation-skipping transfer tax exemption: $11.58 million
Annual gift tax exclusion: $15,000 (unchanged)
Long-Term Care Premium Deductibility Limits for 2020
The Internal Revenue Service has announced the 2020 limitations on the deductibility of long-term care insurance premiums from income. Any premium amounts above these limits are not considered to be a medical expense.
Attained age before the close of the taxable year
40 or less: $430
More than 40 but not more than 50: $810
More than 50 but not more than 60: $1,630
More than 60 but not more than 70: $4,350
More than 70: $5,430
Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary's total qualified long-term care expenses or $380 per day (for 2020), whichever is greater.
For these and other inflation adjustments from the IRS, click here.
Asset limit: $129,094 (effective 12/01/2019)
Penalty Period Rate: $2,266
Maximum Annual Pension Rate (MAPR) income limits:
Veteran with no dependents: $13,752
Veteran with a spouse or a child: $18,008
Housebound veteran with no dependents: $16,805
Housebound veteran with one dependent: $21,06