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Old 09-15-2009, 11:58 AM   #21
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Sounds like you have done your homework, Robls.
Is there any other property of any significance besides the house?
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Old 09-15-2009, 12:06 PM   #22
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Originally Posted by Sarah in SC View Post
Sounds like you have done your homework, Robls.
Is there any other property of any significance besides the house?
Thanks, for the complement, and call me, Rob.
Only 1 property between the 2 of us. Been living there since 1980.
Now that you mention a sigificant piece of property, it completely slipped our minds about his 1971 Corvette. Have to look at his will, and see if that is mentioned in there. If not, have to have the will amended.
Thanks.
Rob
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Old 09-15-2009, 12:14 PM   #23
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Oooh, nice car!
So what is the purpose of adding you to the title now? Is it not defined in the other documents? What has been the reason not to add you in all these years you've lived there? And if it is personal, I understand, but I'm asking if there was a financial or business reason for it. Liability perhaps with a business or something?
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Old 09-15-2009, 12:23 PM   #24
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Oooh, nice car!
So what is the purpose of adding you to the title now? Is it not defined in the other documents? What has been the reason not to add you in all these years you've lived there? And if it is personal, I understand, but I'm asking if there was a financial or business reason for it. Liability perhaps with a business or something?
After all the finanicial planning, research, saving, just plain living life, we never discussed putting the house in both of our names. Without going out and doing the research myself, I was looking for some feedback on putting the house in both of our names. Was just looking for the pros and cons, and the best way to go about it, if that is what we decide to do.
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Old 09-15-2009, 12:30 PM   #25
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Fair enough. So, then I'd go the route suggested by IndepPoor and check the gift tax consequences before adding you to the title.

That is probably something that your CPA can advise you on. You might run it past the estate person who prepared all your other documents, as he/she probably has a pretty good handle on your plan.

The mechanics of adding you to the deed/title is probably very straightforward, just a joint tenants ownership if there aren't any tax consequences to consider.
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Old 09-15-2009, 12:36 PM   #26
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Been living there since 1980.
Coming up on 30 years together? Congratulations!
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Old 09-15-2009, 12:42 PM   #27
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Coming up on 30 years together? Congratulations!
Been seeing each other since 1976. 33+ years. Thanks.
Be interested to read any other replies to this thread.
Neither of us minds playing in the gray area in regards to the "cough" government "cough".
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Old 09-15-2009, 02:12 PM   #28
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I didn't pay much attention to the tax consequences when I put my partner on the title. She was suppose to be on the title when we bought the house but things got messed up at the last minute, so I added her later. We haven't sold the house yet, but we will be under the capital gains limit.

Estate planning is complicated enough, we really need to have a Federally recognized gay marriage. It really ticks me off that I can't put her on my pension or health insurance. And, it makes my blood boil to think one of us could have to pay estate taxes on money we've accumulated together.

On a positive note, congratulations on 33 years! We are about to hit our 22 year anniversary.

-helen
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Old 09-15-2009, 03:03 PM   #29
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Estate planning is complicated enough, we really need to have a Federally recognized gay marriage. It really ticks me off that I can't put her on my pension or health insurance. And, it makes my blood boil to think one of us could have to pay estate taxes on money we've accumulated together.

On a positive note, congratulations on 33 years! We are about to hit our 22 year anniversary.

-helen

I absolutely agree . It's sad to see people who really want to marry be unable to do so especially when you have been together for such long periods .
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Old 09-15-2009, 03:15 PM   #30
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As far as the costs of attorneys or CPAs goes, IMHO it's a "pay now or pay later" deal. I'm as cheap as they come, but sometimes you've just got to suck it up and pay. Especially when you are trying to keep Uncle Sam's hand out of your wallet. Do what you can for free or cheap, but don't take any chances. They'll always have a lot more lawyers than you do.

And as far as playing in the grey areas, if you are going to do so, then don't mention it to anybody else. Especially a bunch of strangers on an internet forum.
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Old 09-15-2009, 03:32 PM   #31
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I claim no legal expertise, but why can't the inheritance concern be taken care of with appropriate estate planning and a good will? Don't forget that if you're on the deed you not only get part ownership, but you also acquire any future debts - cuts both ways.

I'd see an estate planning lawyer; still not sure whether there's any good reason for you to get on the deed.
Protection in event of a split up.
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Old 09-16-2009, 01:05 PM   #32
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What is the best way to have both of our names on the title?
You might be referring to "tenancy in the entirety", "tenants in common", or "joint tenancy".

By adding your name to the title, your partner may have been deemed to have given you a gift that exceeds the $12,000/year limit for gift-tax exclusion purposes. But depending on the size of his estate and other gifts, that may not be an issue.

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Attorney? Not sure about it.
It's the only way to be sure it's done right. You might want to consult a tax accountant as well.
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