There is no contract—it's a gift.[1] That probably also means it's not income and will be tax-free.[2] [1] https://en.wikipedia.org/wiki/Gift_(law) https://en

There is no contract—it's a gift.[1] That probably also means it's not income and will be tax-free.[2] [1] https://en.wikipedia.org/wiki/Gift_(law) https://en.wikipedia.org/wiki/Gift_(law) [2] https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States