living with partner

[jan2189]

We have been long term couple of 17 years, not married. He is 59 and I am 57. How can the assets go to the other without getting involved in gift taxes, etc. The state is FL. Also would a POA be enough for each of us for medical decisions?

 

[loku]

Gifts

The tax effect of a transfer of assets between you depends on the value of the assets. There is a lifetime exclusion of $675,000 from gift and estate tax, and you can give another $10,000 a year to each donee without even using the lifetime exlusion. If you give over $10,000 in any year to any one person, you must file a gift tax return, but if the $675,000 lifetime exclusion is not used up, there would be no tax due.

 

[ALawyer]

The estate tax limit even goes up to $1 million next year.

A set of powers of attorney for health care would enable you to each make health decisions for the other. A springing power of attorney for property would help with financial matters. YOU NEED WILLS, or the relatives take, not the partner.