Does Brent have any health insurance to cover any of his medical expenses? This sounds like he was racing when this happened. You would hope that anyone involved in racing would have some health insurance.
I hope he heals up quick.
For all those rich people out there, I looked up the gift tax rules and $12,000 is the limit; per person for it to be non-taxable; however there does appear to be another exception for money paid for medical expenses directly to a medical institution.
Gift Tax
The
gift tax applies to transfers by gift of property. You make a gift if
you give property (including money), or the use of or income from
property, without expecting to receive something of at least equal
value in return. If you sell something at less than its full value or
if you make an interest-free or reduced-interest loan, you may be
making a gift.
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.
Generally, the following gifts are not taxable gifts:
-
Gifts, excluding gifts of future interests, that are not more than the annual exclusion for the calendar year,
-
Tuition or medical expenses you pay directly to a medical or educational institution for someone,
-
Gifts to your spouse,
-
Gifts to a political organization for its use, and
-
Gifts to charities.
Annual exclusion.
A separate annual exclusion applies to each person to whom you make a
gift. The gift tax annual exclusion is subject to cost-of-living
increases.
For 2008, you generally can give a gift valued at up to $12,000 each,
to any number of people, and none of the gifts will be taxable.