When it comes to gifting cash, it`s important to have a clear understanding between the giver and the receiver. This is where a cash gift agreement comes into play. A cash gift agreement is a legal document that outlines the terms and conditions of a gift of cash. It ensures that both parties have a clear understanding of the amount and purpose of the gift, as well as any conditions or expectations.
To help you get started with creating a cash gift agreement, we`ve provided a sample below:
[CASH GIFT AGREEMENT]
This Cash Gift Agreement (“Agreement”) is made on [Date] by and between [Giver`s Name] (“Giver”) and [Receiver`s Name] (“Receiver”).
WHEREAS, Giver desires to make a cash gift to Receiver in the amount of [Amount];
NOW, THEREFORE, the parties agree as follows:
1. Gift Amount: Giver agrees to give Receiver the sum of [Amount] dollars as a gift.
2. Purpose of Gift: The gift is intended to be used for [Purpose], and no other purpose.
3. Conditions: There are no conditions attached to this gift, and there are no expectations for repayment. The gift is given without any obligation or liability on the part of the Receiver.
4. Tax Implications: Giver acknowledges that this gift may have tax implications, and it is the responsibility of the Receiver to report the gift appropriately.
5. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state of [State], and any legal action arising out of this Agreement shall be brought in the courts of [State].
6. Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.
[Giver`s Signature] [Receiver`s Signature]
[Printed Name and Date] [Printed Name and Date]
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