• Brian A. Raphan, Esq.

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

Minimum: $595,000

Maximum: $893,000

For CMS's complete chart of the 2020 SSI and Spousal Impoverishment Standards, click here.

Income Cap

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

Maximum deduction

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.

VA Benefits

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