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Tip Jun 2009 - "TIP: Keeping It In The Family—Lending Money"

Tip Jun 2009 - "TIP: Keeping It In The Family—Lending Money"

Tip Jun 2009 - "TIP: Keeping It In The Family—Lending Money"

Excerpt


TIP: Keeping It In The Family—Lending Money



Retirees, or people on the verge of retirement, have seen their retirement savings dwindle during the recent economic downturn. Many people are no longer in a position to bolster the incomes of adult children with cash gifts, or to bail out close friends in the event of a financial crisis. If loans, rather than outright gifts, now are the order of the day, parents and their children should take time upfront to address some basic issues. Disputes regarding loans have ruined many relationships -family and friends- ever since coinage first appeared. You know that lending money to a friend or relative could rupture a friendship for months, years and sometimes forever, but did you know that ill-conceived loans might cause tax headaches for both the giver and the recipient? 

Here are some guidelines to help you and your heirs avoid misunderstandings and potential tax pitfalls:


 



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