The Internal Revenue Service (IRS) has announced the 2017 Estate and Gift Tax limits. The exemptions will increase in 2017 to $5,490,000 ($5.49 million) from $5,450,000 ($5.45 million) in 2016. Therefore, if you die in 2017 and your estate is less than $5,490,000, your estate is not required to pay Federal estate tax. If you are married, both you and your spouse can each claim the $5.49 million exemption, for a total of $10.98 million. If you need any help with your estate administration in the Philadelphia or Bucks County region, please contact Gummer Elder Law for assistance.
When Judy Hanttula came home from the hospital after surgery last November, her doctor’s office called with bad news: records showed that even though Judy had signed up for original Medicare, she was nevertheless enrolled in a Medicare Advantage plan.
Original Medicare would not pay for the surgery because she now had an Advantage plan, and the Advantage plan would not pay for it because her doctor and hospital were not in its network. So Judy was on the hook for more than $16,500.