Home ownership with S/O

[IndependentlyPoor]

Been living there since 1980.

Coming up on 30 years together? Congratulations!

 

[robls]

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".
Rob

 

[Helen]

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

 

[Moemg]

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 .

 

[harley]

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.

 

[Martha]

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.

 

[Nords]

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.

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.