Gifts
A very good friend has offered to effectively pay my mortgage over the next 6 years by gifting me $30,000 (15 from hubby and 15 from herself) and leave me in her will if she should pass away. They obviously have the means to do so. It seems like a no brainer but want to be sure I have the whole picture. Please give me your thoughts.
Terry Says
You have very generous friends. Thank them. Write a thank you note, thanking them for this gift — and keep a copy of it (just in case after they pass away their children come back at you to return a “loan” that wasn’t properly documented! (Yes, I know I’m always thinking of the worst possibilities!) But seriously, there is no tax implication to this. They can each give $15,000 to anyone every year under current laws. And you can receive it — all with no tax liability. Then do a little something nice for someone in worse shape! Pay it forward.
