Laravel's latest version for production

I am new to Laravel and impressed by its popularity, performance, developer's adaption and so many other things which has put Laravel on top of stack than other frameworks.

I have heard about new latest version 5.0 and 5.1 but could not found exact version for production (or whether it is still 4.x).

1. I would like to know which is the latest version of Laravel to start with?
2. How to manage database level changes (migration in Laravel - need to know more)?
3. What if new bug fixes updated by Laravel (Taylor Otwell) and how to update them on development or production environment?

Please help me out for this.

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