What is the name of your state (only U.S. law)? MS
My sister-in-law was in a car accident recently that left her severely injured and took the life of her 8 year old daughter.
A benefit account was setup at a bank to accept donations, this account was put in my wife's name because my sister-in-law is going through a divorce and the soon to be ex husband is very greedy and would take the money if he could.
My question is about tax liability, for my wife and her sister now and when the account is placed back into her name. What should be done now to protect my wife(us) from tax libility?
My sister-in-law was in a car accident recently that left her severely injured and took the life of her 8 year old daughter.
A benefit account was setup at a bank to accept donations, this account was put in my wife's name because my sister-in-law is going through a divorce and the soon to be ex husband is very greedy and would take the money if he could.
My question is about tax liability, for my wife and her sister now and when the account is placed back into her name. What should be done now to protect my wife(us) from tax libility?