Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In addition, anyone can make a gift to any other person, called the Annual Gift Tax Exclusion, without gift tax and without reducing his or her estate tax exclusion.
About Carolyn Thompson
Carolyn A. Thompson founded Thompson Law, Prof. L.L.C. in 2003 in order to create an estate and business planning law firm that helps pass on the legacy, values, and stewardship of its clients. Carolyn has sought out, developed, and trained attorneys dedicated to listening to a clientâs life story, including their goals and concerns, and to creating a customized estate or business plan to address the individual circumstances of each client.