numbersEvery year, many important numbers are adjusted for cost of living increases or other adjustments. 2013 is no exception, and the following is a list of some of the important numbers to be considered:

Estate and Gift:

Annual exclusion gifts - $14,000

Lifetime gift credit - $5,250,000

Estate tax credit - $5,250,000

Medicaid:

Maximum community resource allowance - $115,920

Minimum community spouse resource allowance - $25,000

Maximum amount Medicaid recipient may own - $2,000

Minimum monthly maintenance allowance - $2,898 (until July, 2013)

Medicare Part A:

Hospital deductible (days 1 – 60) - $1,184

Hospital co-insurance (days 61 – 90) - $296/day

Hospital co-insurance (days 91 – 150) - $592/day

Medicare Part B:

Deductible - $147/year

Standard premium (if individual’s income is less than $85,000) - $104.90/month

Income taxes:

Maximum wages for Social Security tax purposes - $113,700

Capital gains tax:

Maximum rate – 20%

Phase-out of itemized deductions:

Cut by 2% for each $2,500 of adjusted gross income over the same thresholds for phase out of standard deductions. Phase-out of standard deductions: $250,000 for single taxpayers $300,000 for married taxpayers

 

The above numbers are the standard numbers for 2013, but many of these may be adjusted for both tax and Medicaid purposes with accounting and/or legal assistance. There are exceptions to both rules and figures, and you should not merely consider that the aforementioned numbers are set in stone without proper planning.

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