You Lent Your Son $50,000. When You Die, Does He Still Owe It?

You lent your son $50,000 for his down payment. When you die, does it come out of his share? If nobody wrote it down, his sisters will have one answer and he'll have another. In a lot of states, money given to a child is treated as a gift unless it's in writing. The fix takes ten minutes. Write down whether it was a loan or a gift, and how much is left. Your trust can say whether the balance is subtracted from his share. Have you lent one of your kids money? Loan or gift? This video is general information. Estate planning rules vary by state, so please talk with an estate planning attorney where you live about your own plan. #Inheritance #FamilyMoney #Siblings #AdultChildren #LivingTrust