Jonathan Shankman
speaker
48 appearances
1 recordings
1 series
first heard Oct 2024
last heard Oct 2024
Jonathan Shankman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
It's super, super important.
Instead of just saying, listen, my relatives who I know and I love and I want to be on solid financial footing, here's some money and hopefully you'll pay me back.
Hope is not a strategy.
It's very important that they have in writing what the payment plan is going to be.
Well, the biggest thing is, and what makes it so messy, is people don't often know, is it an actual loan or is it a gift?
And that's the one big component, because when you're lending to a family compared to a professional relationship, those lines could easily be blurred.
And also, it's just the family dynamic component of it.
Is it gonna ruin your relationship if you see the person who lent money from you going on nice vacations, leasing a new car, going out to eat?
Is that gonna put some type of strain on the relationship?
So those type of personal connections...
And the blur between a professional loan and whether it's a gift or not are two things that really get in the way of lending money to family.
It makes sense to have an official contract in place that could closely mirror an actual loan at a financial institution.
And this includes having the terms of the loan, having a timeframe on when people are going to get paid back.
It should have the interest rate.
If the person doesn't end up paying you back, what type of recourse does the lender have to make them whole?
And also, I would have an independent attorney draft a contract just to help keep things professional and keep people honest on both sides.
you have to go to the IRS to see what they permit.
And there's something called the applicable federal rates or AFRs as they're known.
And that's what the IRS sets and it comes out on a monthly basis for private loans, for example, between family members.
And if you don't set the minimum rate and charge at least that amount, there could be tax implications depending on the size of the loan.
Showing 1–20 of 48 · page 1 of 3
Next →