Legal Question in Tax Law in Illinois

Re: estate taxes

The first consideration to your question is whether or not your friend's estate would be subject to estate taxes. This year, estates are not subject to such tax unless they are over $1,500,000.

Transferring money from one account to another would require that you either be a signer on the account, or have a power of attorney from your friend to do so.

If your friend is conscious and aware of what should be done, he will be able to authorize you to do this by executing a power of attorney for property. Under the power of attorney, his(her) agent, acting under the power of attorney, can transfer funds and make gifts.

This answer is based on the hypothetical set of facts that you posted. It should not be construed as legal advice.