Unmarried couples who have retirement assets in joint name would have to prove that they contributed their monies as otherwise:
A)Assets are seized by the government
B)Assets received during their lifetime could be considered a gift which could subject it to the combined estate gift tax
C)Assets are subject to double taxation
D)Both a and b
E)Both b and c

Question

Quizplus · Accepted Answer

If the unmarried couple has retirement assets in joint name, and they cannot prove who contributed what, then those assets received during their lifetime could be considered a gift, and therefore subject to the combined estate gift tax. It is important for unmarried couples to keep track of their individual contributions in order to avoid this potential tax issue.

Unmarried Couples Who Have Retirement Assets in Joint Name Would