Was it a Gift or a Loan? What do your Other Kids Think?
Many times over the years, as we work on their estate planning, my senior clients have told me that they gave a substantial sum to one of their children to help them with a specific need. Perhaps it was to pay off debt, or buy a house, or start a business, or pay for college expenses for their own children. Whatever the reason, an important legal question comes up: “Was this a gift or a...