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The decision to lend a large sum of money to a friend or family member isn’t always an easy one. You may be strapped for time, and sometimes there are just as many reasons to say no as there are ...
If the money is not a loan but a gift that is not expected to be paid back, then the family members need to consider whether that money could be considered a taxable gift, Schnusenberg said.
Never lending, but giving, money to a family member can prevent a lot of awkwardness down the road. More From GOBankingRates. 4 Low-Risk Accounts Financially Savvy People Trust for Reliable ...
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Don’t Lend Money to Family Members. Cruze said that in addition to not borrowing money from family members, you also shouldn’t lend money to family members.
It is difficult and often demoralizing to ask family for financial help — and asking for or lending money can often lead to strained relationships and damaged finances. On the relationship side ...