Dear Liz: I recently found out that my ex lent one of her former bosses $2,500 to get his brother out of jail on bond. My ex took the money out of a joint account that I had opened with the inheritance I got when my dad died. It's now been four years and I haven't received a penny of the loan back. I could really use the money now as I have medical bills to pay.
But you won’t owe gift taxes until the amounts you give away over the annual limit exceed your lifetime limit, which is currently $13.61 million. That said, a large enough gift could have an impact on your own estate. Consider getting advice from your estate planning attorney before you proceed. Dear Liz: Recently, someone asked if closing a credit card would be worth the hassle and you responded that there is no compelling reason to do so and in fact, it might hurt your credit scores.