gifting money
Hello,
Instead of leaving money in a will to a friend after I die, I would like them to receive it now to help with their bills. But, they do not want to accept any money from me right now (pride?). How can I “gift” someone money without their knowing it came from me. If I know their savings/checking account #, any way I can make a deposit into their account a little at a time without them catching on ? They aren’t that good about checking their balance on a regular basis. Thank you.
Terry Says
Well, that’s very generous of you. And you can give up to $17,000 a year tax-free to anyone. And, I suppose if you know their bank account number, there is no reason you couldn’t deposit a small amount every month. But if someone — such as their accountant — looks at the statements, these deposits are bound to stand out.
As a gift, they won’t be taxable to your friend. But you might drive him/her crazy!!