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.
