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This article looks at the presumption that a monetary advance made from a parent or parents to a child, where there is no evidence to the contrary, will be presumed by a Court to be a GIFT and not a LOAN. It may not matter if a monetary advance is a gift or a loan, but it may, depending on 1 the amount that is provided, and 2 if the parents are concerned about the money not being repaid if one of the following occurs:. If there is no record of whether an advance was a loan or a gift when the advance was made — either in writing or orally — the presumption is that any monetary advance was a gift.

Gifting money guides

There was also a lot of discussion in the case with other advances from his mother about whether a loan agreement had been statute barred and ineffective due to its drafting. The time to decide if an advance is a loan or gift must therefore, be made when the funds are advanced and not later. A solicitor can draft the loan agreement. The parents and child will need to sign the agreement.

However, it is not necessary that the loan is made on commercial terms, that is, there need not be re payment of principal or payment of interest by the child. This is a matter for a solicitor to consider when drafting the agreement. A mortgage on the property purchased by the child with the advanced funds provides additional security for parents.

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A simple email exchange between parent and child is better than nothing and provides some evidence, if needed, to show that funds advanced are a gift or a loan. It is much better the conversation is in writing to show intention of the parents at the time rather than trying to recollect a conversation from often, years ago.

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It can also be forgiven at any time during their lifetime. Disclaimer: Not to be relied on as legal advice, the article is general in nature. More specific legal advice should be sought if required. Linda Alexander Law Wills and estate planning, self-managed superannuation funds, will disputes, property and conveyancing.

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Email us at insiderpicks businessinsider. Der Artikel wurde versandt. Sally Kaplan , Business Insider. Parachute Looking for a gift idea for a friend, cousin, or coworker who just had a baby?

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