Financial planning for unmarried couples and domestic partners present unique considerations that must be acknowledged and addressed. These unique considerations arise from the fact that these individuals do not receive the financial advantages of marriage, which can have a significant impact on taxes, everyday financial planning, and wealth planning. This course will discuss these differences as well as planning opportunities that may be beneficial for unmarried couples and domestic partners.

Learning Objectives: Identify factors and reasons why personal financial planning for domestic partners may be different from personal financial planning for legally married spouses.

Identify the nontax characteristics of forms of property transfer and forms of property ownership.

Identify the purposes, tax and nontax characteristics, and advantages and disadvantages of given wealth transfer techniques for domestic partners.

Identify advantages and disadvantages of using a given wealth transfer technique for domestic partners.

Identify advantages and disadvantages of domestic partners jointly owning assets.

Identify wealth transfer techniques, their purposes, and tax and nontax characteristics that would be advantageous for wealth transfer planning for domestic partners.

Identify the basic characteristics of the federal income tax and situations and advantages and disadvantages for domestic partners in federal income taxation that are different than income taxation treatment given to legally married spouses in similar situations.

Identify the basic characteristics of the federal generation-skipping transfer tax and situations and advantages and disadvantages for domestic partners in federal generation-skipping transfer taxation that are different than generation skipping transfer taxation treatment given to legally married spouses in similar situations.

Identify the purpose and general characteristics of domestic partnership agreements that should be used by domestic partners.

Identify the topics and concerns that should be addressed in a domestic partnership agreement when used by domestic partners.

Identify the characteristics of techniques used to plan for a domestic partner’s financial needs due to incompetence or disability.

Identify the characteristics of techniques used to plan for a domestic partner’s medical needs due to incompetence.

About the Author

Kirsten Waldrip, JD

Kirsten Waldrip, JD, LLM, is an associate professor of estate planning and taxation at the College for Financial Planning. Kirsten worked in private practice as an estate planning and administration attorney prior to joining the College. She graduated from Arizona State University with a bachelor’s degree in interdisciplinary studies of business and communication, received her JD from Syracuse University College of Law, and her LLM from the University of Denver. You can contact Kirsten at kirsten.waldrip@cffp.edu.

Complexity Level: Intermediate