You might consider the Gift Tax...
Tax Guidelines About Gifting-
You can give up to the annual exclusion amount ($15,000 in 2020) to any number of people every year, without facing any gift taxes. Recipients generally never owe income tax on the gifts.
The gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient. You probably have never paid it and probably will never have to. The law completely ignores 2020 gifts of up to $15,000 per person, per year, that you give to any number of individuals. (You and your spouse together can can make joint gifts up to $30,000 per person, per year to any number of individuals.)
The $15,000 figure is the amount of the current gift tax exclusion (in 2020), meaning that any person who gives away $15,000 or less to any one individual in one particular year does not have to report the gift to the IRS, and you can give this amount to as many people as you like. If you give away more than $15,000 to any one person in a single year (other than your spouse), you will have to file a gift tax return. However, this does not necessarily mean you’ll pay a gift tax. You’ll have to pay a tax only if your reportable gifts total more than $11.58 million (in 2020) during your lifetime.
