diff --git a/litellm/proxy/management_endpoints/team_endpoints.py b/litellm/proxy/management_endpoints/team_endpoints.py
index ea07a90ad7..6ebfed0eef 100644
--- a/litellm/proxy/management_endpoints/team_endpoints.py
+++ b/litellm/proxy/management_endpoints/team_endpoints.py
@@ -461,7 +461,7 @@ async def update_team(
             detail={"error": f"Team not found, passed team_id={data.team_id}"},
         )
 
-    updated_kv = data.json(exclude_none=True)
+    updated_kv = data.json(exclude_unset=True)
 
     # Check budget_duration and budget_reset_at
     if data.budget_duration is not None:
diff --git a/tests/otel_tests/test_e2e_budgeting.py b/tests/otel_tests/test_e2e_budgeting.py
index 2d852a4e1c..227d049f82 100644
--- a/tests/otel_tests/test_e2e_budgeting.py
+++ b/tests/otel_tests/test_e2e_budgeting.py
@@ -2,6 +2,7 @@ import pytest
 import asyncio
 import aiohttp
 import json
+from httpx import AsyncClient
 
 
 async def make_calls_until_budget_exceeded(session, key: str, call_function, **kwargs):
@@ -206,3 +207,74 @@ async def test_chat_completion_budget_update():
                 pytest.fail(
                     f"Request should succeed after budget update but got error: {e}"
                 )
+
+
+@pytest.mark.parametrize(
+    "field",
+    [
+        "max_budget",
+        "rpm_limit",
+        "tpm_limit",
+    ],
+)
+@pytest.mark.asyncio
+async def test_key_limit_modifications(field):
+    # Create initial key
+    client = AsyncClient(base_url="http://0.0.0.0:4000")
+    key_data = {"max_budget": None, "rpm_limit": None, "tpm_limit": None}
+    headers = {"Authorization": "Bearer sk-1234"}
+    response = await client.post("/key/generate", json=key_data, headers=headers)
+    assert response.status_code == 200
+    generate_key_response = response.json()
+    print("generate_key_response: ", json.dumps(generate_key_response, indent=4))
+    key_id = generate_key_response["key"]
+
+    # Update key with any non-null value for the field
+    update_data = {"key": key_id}
+    update_data[field] = 10  # Any non-null value works
+    print("update_data: ", json.dumps(update_data, indent=4))
+    response = await client.post(f"/key/update", json=update_data, headers=headers)
+    assert response.status_code == 200
+    assert response.json()[field] is not None
+
+    # Reset limit to null
+    print(f"resetting {field} to null")
+    update_data[field] = None
+    response = await client.post(f"/key/update", json=update_data, headers=headers)
+    print("response: ", json.dumps(response.json(), indent=4))
+    assert response.status_code == 200
+    assert response.json()[field] is None
+
+
+@pytest.mark.parametrize(
+    "field",
+    [
+        "max_budget",
+    ],
+)
+@pytest.mark.asyncio
+async def test_team_limit_modifications(field):
+    # Create initial team
+    client = AsyncClient(base_url="http://0.0.0.0:4000")
+    team_data = {"max_budget": None, "rpm_limit": None, "tpm_limit": None}
+    headers = {"Authorization": "Bearer sk-1234"}
+    response = await client.post("/team/new", json=team_data, headers=headers)
+    print("response: ", json.dumps(response.json(), indent=4))
+    assert response.status_code == 200
+    team_id = response.json()["team_id"]
+
+    # Update team with any non-null value for the field
+    update_data = {"team_id": team_id}
+    update_data[field] = 10  # Any non-null value works
+    response = await client.post(f"/team/update", json=update_data, headers=headers)
+    print("response: ", json.dumps(response.json(), indent=4))
+    assert response.status_code == 200
+    assert response.json()["data"][field] is not None
+
+    # Reset limit to null
+    print(f"resetting {field} to null")
+    update_data[field] = None
+    response = await client.post(f"/team/update", json=update_data, headers=headers)
+    print("response: ", json.dumps(response.json(), indent=4))
+    assert response.status_code == 200
+    assert response.json()["data"][field] is None