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 Brittany Martin
Elizabeth Mitchell is a partner in the law firm of Ambler Keenan Mitchell Johnson. Beth devotes her practice to estate planning, Medicaid planning, elder law, special needs planning, and probate and trust administration. She is board certified as a Certified Elder Law Attorney (CELA)* through the National Elder Law Foundation, and she is a Veterans Administration accredited attorney. She is a member of the American Academy of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, the Denver Bar Association, and the Colorado Bar Association, where she is a member of the Elder Law Section.