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Tuesday, October 26, 2010

When is a gift not a gift? When it's a loan instead.

This article from Megan Connolly of Toronto Estates and Trusts Monitor talks about whether money advanced to an individual is a gift or a loan. Click here to read the article. Parents making loans or gifts to their adult children should take Megan's advice on this topic. There needs to be some documentation, no matter how simple, to state whether the person giving the money intends it to be a loan or a gift. Remember that after you pass away, you won't be around to clarify matters, and that might mean that your children end up in front of a judge for a ruling.

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