However, in a broader sense, the term references any two people who have chosen to build a life together but are not legally wed. This could be a couple living together but not yet engaged, a couple where one (or both) have been through a divorce and are not ready or wanting to jump the broom again, possibly two long-term partners who have chosen to live separately, or one of so many other forms of committed relationships that exist today.

MAKING THE DECISION

The decision to get married is not simply a social or political issue. Making the decision to get married is very much a personal choice. From a planning perspective, however, there are over 1,100 legal differences your advisor is keeping in mind when thinking about unmarried couples versus married couples.

WHAT YOUR ADVISOR SHOULD KNOW

To provide our unmarried clients the same protections as our married clients, there are a few planning items your advisor is making sure of:

• Health care directives – who would you like to make medical and financial decisions on your behalf when you are incapacitated or receiving emergency medical care?
• Estate planning and dispute avoidance – when you pass away, do you want specific assets to go to your surviving partner and not be reduced by estate tax or contested by others?
• Tax planning – if you wish to make a gift of funds to your significant other during your lifetime, what is the most tax-efficient way?

CONCLUSION

It is essential for individuals in any committed relationships to carefully consider their legal and financial arrangements. Taking the time to safeguard and plan your future ensures the well-being of the partnership. As the landscape of domestic partnerships continues to evolve, with the right planning, couples of any status can navigate this journey with confidence and security. If you have any questions or would like to learn more about what legal and financial protections you and your partner are entitled to, contact your advisor or your tax professional. We’re always here to help.

Any opinions are those of the authors and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Expressions of opinion are as of this date and are subject to change without notice.

There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Investing involves risk and you may incur a profit or loss regardless of the strategy selected.