Here are the exemptions for federal and Michigan estate and gift taxes in 2020.

Federal Estate and Gift Tax:

The estate and gift tax exemption for 2020 is $11.58 million per individual, up from $11.4 million in 2019. This means an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $23.16 million. The annual gift exclusion amount remains the same at $15,000.

Michigan Estate and Gift Tax:

Fortunately, Michigan does not impose its own estate and gift taxes.

Estate and Gift Tax Figures

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