I give cash to my mother (70 y/o, retired, widow), who lives with my sister (58 y/o, single, working), every month for years. Recently, I discovered that they have saved 100k+ in cash stored in their bank's safety box.
Skipping the whys and hows they managed to do this. I want to put that money into CDs or an annuity for my sister. Is it possible to take this money out of their safety box and deposit it into their bank account? Would this trigger alerts and would banks refuse this deposit?
Edit: We are in the US.
Edit2: Would they need to pay tax on this, their savings?
Submitted April 30, 2018 at 06:49AM by FoolishBuys https://ift.tt/2JEpazD
