A delicate matter – Lending money to family and friends

Description

Abstract: When making loans to friends or family members, it’s important for individuals to keep in mind some caveats to limit the risk, both to their bank accounts and to their relationships with the borrowers. This article lists some of these caveats, such as putting the terms of the loan in writing and insisting repayments be made via a method that can be tracked. The article notes that it’s also a good idea to be aware of potential tax implications.