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Estate Planning for Unmarried Cohabiting Couples: Legal and Tax Issues, Best Practices for Estate Planners

Income, Gift, and Estate Tax Implications and Planning; Revocable Trusts; Retirement Accounts; Beneficiary Designations

Recording of a 90-minute CLE/CPE video webinar with Q&A

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This program is included with the Strafford CPE+ Pass. Click for more information.
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Conducted on Tuesday, March 21, 2023

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide estate planners a detailed analysis of key legal and tax considerations for structuring estate plans for unmarried cohabiting couples. The panel will discuss strategies to reduce income, gift, and estate tax liability and provide an analysis of key issues that arise as well as offer strategies to ensure the best results. The panel will provide guidance for using gifting, trusts, title transfers, and other options to pass assets to desired beneficiaries and the necessary directives that unmarried couples should have in place.

Description

The number of unmarried couples choosing to live together prior to or in lieu of marriage has increased in recent years. Estate planners must recognize the legal and tax issues that arise for these couples and plan accordingly.

Spouses can gift unlimited amounts without using their estate and gift tax exemption, while unmarried individuals are limited annually. Similarly, there is an unlimited estate tax marital deduction between spouses and portability, allowing one taxpayer to benefit from both spouses' estate tax exclusion.

For unmarried cohabitants, knowing that their assets will be distributed to the people they choose is key. Utilizing gifts, trusts, title transfers, and other mechanisms to pass assets to desired beneficiaries and the necessary directives that unmarried cohabitants should have in place is critical to achieve optimum results.

Estate planners working with these individuals need to understand the choices available for bequests and how they affect potential estate tax liability.

Listen as our panel discusses gifting and estate tax options available to help alleviate legal and tax concerns of unmarried cohabitants.

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Outline

  1. Overview of planning challenges for unmarried couples
  2. Tax implications
    1. Income taxes
    2. Gift taxes
    3. Estate and inheritance taxes
  3. Legal considerations
    1. Retirement accounts
    2. Beneficiary designations
    3. Wills and trusts
    4. Incapacity
  4. State considerations

Benefits

The panel will review these critical issues:

  • What are the estate planning challenges for unmarried couples?
  • What are the income, gift, and estate tax implications?
  • What gifting strategies are available to transfer assets to desired beneficiaries?
  • What are the inequities between married and unmarried taxpayers in the estate and gift tax regime?
  • Best practices for estate planners when establishing plans for unmarried cohabiting couples

Faculty

Kirk, Bryan
Bryan D. Kirk

Managing Director and Trust Counsel
Fiduciary Trust International of California

Mr. Kirk provides guidance on all aspects of estate planning and trust and estate administration. He has broad...  |  Read More

Soliman, Anna
Anna Soliman, LL.M.
Managing Director and Trust Counsel
Fiduciary Trust International of California

Ms. Soliman most recently practiced in the tax and wealth department at Venable LLP in Los Angeles. She is experienced...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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