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How do you remind your parents they owe you money?

How do you remind your parents they owe you money?

Offer gentle reminders about the money she owes you. Perhaps she simply forgot and a subtle hint might be the reminder she needs. Using humor to broach the subject might work, but be sure to let her know that you are serious about needing your money back.

Can my parents take my money?

It’s not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child’s money is in a specific trust and you abuse the funds. Simply confiscating your child’s funds sends the message that it’s okay to take whatever you need.

What’s the best excuse to borrow money from family?

Here are 5 excuses to borrow money from family. Your family members are probably already encouraging you to attend and excel in school. But we all know that attending school, especially college, is not a cheap endeavor. Working while attending classes can be difficult and, in many cases, impossible.

Is it OK to borrow money from family?

While you have the option of borrowing money in your time of need from friends or family members, you will probably find that closer family members will be more willing to help you when it comes to your finances. This particular group will likely have more patience and understanding regarding repayment, too.

What happens if you borrow money from a friend?

As the quote from Hamlet goes, “Neither a borrower nor a lender be, for loan oft loses both itself and friend” – if you borrow from or lend to friends, not only do you lose the friendship, you also lose the loan. It’s tricky to get into complicated financial arrangements with friends.

What happens if I give my parents money?

If you extend your parents a loan, there’s always a risk of default and the permanent loss of the funds you doled out. Plus, if you don’t charge interest or you charge below the market interest rate, the IRS may characterize your loan as a “gift,” and you, the lender, might have to pay gift taxes on it. 6  Does Your Spouse Agree?

How much did my mother borrow before she died?

Last year, this woman wrote to the Moneyologist asking if she should repay $21,000 that she and her daughter borrowed from her mother before she died, and this question from a woman whose brother wanted her to repay a loan to their mother’s estate. Neither had documented the loans, even though family members knew about them.

What should I do if my brothers owe my mother money?

Neither had documented the loans, even though family members knew about them. In this situation, it would make sense for estate lawyer to write to both parties to outline the money that they say they owe your mother’s estate, based on the documentation, and ask them to agree to repaying the money from their inheritance.

Do you owe money to your mother’s estate?

This is a case for the estate attorney and executor of your mother’s will. You are 100% correct. This $30,000 is owed to your mother’s estate and not to the siblings and certainly not to all five siblings. That logic beggars belief.

When to ask your parents for a loan?

It is important to look at this on a case-by-case basis. Most parents would only ask for money or for a loan if they were in a very difficult situation. If you have ever been in a similar situation and borrowed money from your parents, you want to be able to return the favor.

How much money can mom and Dad give?

Mom and Dad can give $30,000 with no worries. A couple can also give an additional gift of up to $15,000 to each son-in-law or daughter-in-law. The effective annual limit from one couple to another couple, therefore, is $60,000 ($15,000 X 4 = $60,000).

When do payable on death accounts make sense?

Another example where payable on death accounts make sense is for a widow who has one beneficiary. If she leaves everything to her one daughter, for example, there will be expenses, but if the daughter is the sole beneficiary, she pays everything anyway. If it’s two children and the accounts are split 50-50, that could work too.

How much money can a couple give to a son in law?

A couple can also give an additional gift of up to $15,000 to each son-in-law or daughter-in-law. The effective annual limit from one couple to another couple, therefore, is $60,000 ($15,000 X 4 = $60,000).