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I would like to gift money to one of my relatives. What legal

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I would like to gift...
I would like to gift money to one of my relatives. What legal form would you recommend
Submitted: 4 years ago.Category: Tax
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Answered in 1 minute by:
5/22/2013
Tax Professional: Tina, Attorney at Law replied 4 years ago
Tina
Tina, Attorney at Law
Category: Tax
Satisfied Customers: 33,167
Experience: tax experience
Verified

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. Before I can give you an accurate answer to your question, please provide the following additional information:

For what purpose do you wish to document the transaction, for tax purposes or something else?

I look forward to assisting you as soon as I have received this information. Thank you.

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Customer reply replied 4 years ago
something else
Tax Professional: Tina, Attorney at Law replied 4 years ago
Hello again,

My sincere apologies for the delay. Someone sent your question to another category and I was unable to respond until the moderators returned it to the Legal category.

A gift is not considered a legal contract since there is no consideration being paid or given up by the party receiving the gift. The law typically implies a gift where there is no writing or evidence indicating the money is being paid as a loan or for services rendered. Therefore, there is specific form that is needed to document this transaction typically.

However, if you wish to document the transaction, you may have the recipient sign an acknowledgment of the gift. The document can be handwritten or typed and simply indicated the amount gifted, the date, and purpose of the gift/donation if you wish to include that as well.

Here is a link which provides sample language you can use for the acknowledgment:

https://www.rsp.wisc.edu/forms/giftltr.html

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina


The law typically implies a gift where there is no writing or evidence indicating the money is being paid as a loan or for services rendered.
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Tax Professional: Tina, Attorney at Law replied 4 years ago
Hello again,
I wanted to thank you for using JustAnswer, and to inquire whether my answer was helpful in clarifying your understanding of the law even though it may not have resulted in the outcome you were hoping it would.
Is there anything else I can assist you with?
If you do not require further legal information at this time, please feel free to bookmark my profile so you can request me when you do have another question. Here is a link to my profile: http://www.justanswer.com/law/expert-tina/
Thank you very much and all the best to you.
Tina
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Tina
Tina
Tina, Attorney at Law
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Satisfied Customers: 33,167
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