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Hello - I have a friend who has had his bank account levied

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Hello - I have a friend who has had his bank account levied due to back child support payments. He is currently unemployed, and I have been sending him money to help pay the bills. He also has an ATM card with access to another bank account in my name only - can that be levied also, if they find out he is using it to receive cash? Thanks
Good morning,

I'm Doug, and I'm sorry to hear of the confusion.

So long as the account is in your name only---not in his, there is no risk of the account being levied. You can give him a credit card or an ATM card to your accounts and those accounts are safe.

ONLY if he has his name and social security number associated with an account it that account at risk.

You may reply back to me again, using the Reply to Expert link, if you have additional questions.

Would you please rate me highly now, based on my assistance to you in understanding the law.

I wish you the best in 2012,

Doug
Customer: replied 5 years ago.

I have been sending him a substantial amount of money for some time - at least 2000 / mth - if he goes to court for child support, will they try to say it is income? (it is not - just a friend helping) - will i have to pay taxes? will he? Thanks

The money is a gift---not income---the court will not hold that it is income for child support or alimony purposes. You already paid taxes on it and no one has to pay more taxes on the gift----neither you or him.

Technically you have to file a gift tax form with your tax return if you give one person more than $13,000 per year---but you have a lifetime exemption of over $5,000,000 to give away before you have to pay any gift tax.

Please know that the Rules of JustAnswer specify that each customer ask one question in each question thread. I would respectfully XXXXX XXXXX you open a new question thread if you have additional, new questions to ask of me. You may ask for me personally by referring to me by name (Doug) in the question and I will be able to answer your continuing questions.


You may reply back to me again, using the Reply to Expert link, if you have additional questions.

Would you please rate me highly now, based on my assistance to you in understanding the law.


I wish you the best in 2012,

Doug
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