Money Matters: Lending money to your child
Published: Oct. 26, 2021 at 2:14 PM EDT
COLUMBIA, S.C. (WIS) - As children grow older, they start to ask for money!
But what about when your child starts asking for loans? Josh Bradley of Capital City Financial Partners elaborated on just what to do.
“Helping out kids with a loan can seem like a good idea,” Bradley said. “However, we highly caution people as it can be a really sticky subject to get into. You should assume that loan may never be paid at all.”
Bradley hinted at some of the tips on loaning to children:
- Have a complete understanding of the loan
- United front on with spouse/partner on terms of the loan
- Get it in writing
As always, Bradley said to make sure you look out for taxes on the loan.
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