text: can i give avoid taxes when i give a large sum of money by opening up a joint bank account in both our names? in excess of $50k... this will still be seen as a gift.  there is an annual exclusion of $11,000 for gifts made to each person.  there is also a lifetime exclusion of $1.5 million.  so the gift would not be taxable, but you would be using up part of that lifetime exclusion and any future gifts or your estate may be taxable (estate and gift taxes use the same exclusion).