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 Maria V. Primushko
As the founder of the law firm, attorney Maria focuses her practice on helping families with estate and legacy planning, as well as other legal matters such as Personal Injury and Bankruptcy Protection. Her goal and that of her team is to provide personalized support and guidance that creates peace of mind for all clients and families, no matter how big or small their estate is.