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Securing the future as life partners
August 19, 2010
The Chicage Tribune article "Securing the future as life partners" by Jane Bennett Clark discusses how unmarried couples need to create a legal framework to protect the rights that married couples receive, from property division to estate planning.
Dana Levit suggusts keeping track of gifts, saying "unmarried heterosexual couples and all same-sex couples are considered "legal strangers" for federal tax purposes. That awkward status requires you to report gifts to each other of more than $13,000 a year (as of 2010). The excess counts against each individual's $1 million lifetime federal gift-tax exemption."
