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 John D. Laughton, Estate Planning & Elder Law Attorney
Mr. Laughton is an estate planning and elder law lawyer in his 40th year of law practice. He is committed to your peace of mind and solving your problems by providing personalized legal services in a highly ethical, professional, solution oriented, and cost effective manner.