Financial experts impel couples to ensure that their financial and familial wishes are documented

May 13, 2011

Having a financial plan in place is crucial for all families

The number of American couples who chose to live together and not get married rose by 14 percent from 2009 to 2010. In response to this increase, some experts are recommending that these individuals have financial plans in writing in the event of an emergency, according to Bloomberg BusinessWeek.

Since the Federal Government does not recognize unmarried or homosexual relationships under the law, any property, money, or assets that are given from one person to another can be a considered a gift by the IRS and can trigger a tax bill, according to the news source. It can also make for a complicated custody battle and fight for insurance benefits.

While some judges are beginning to recognize unmarried couples by overturning laws that forbid members of these partnerships from adopting or fostering children, many remain staunchly opposed, according to KTHV, a CBS affiliate in Arkansas.

Some conservative judges are taking a harder stance, fearing that granting specific rights to unmarried couples will set precedents that will later be applied to homosexual couples, according to the news source.  

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