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Estate Planning Tip: Be Aware of a Recent Tax Court Ruling that “Loan” Is Actually a Gift

Posted: July 21, 2020

In a recent tax court case, Estate of Bolles v. Commissioner, T.C. Memo. 2020-71, 119 T.C.M. (CCH) 1502 (June 1, 2020), the court recognized that where a family loan is involved, an actual expectation of repayment and an intent to enforce the debt are crucial for a transaction to be considered a loan. Many people use trusts and gifts as estate planning tools. Be aware of the requirements of “loans” v. “gifts” when using lending as an estate planning tool.

Background
Mary Bolles made numerous transfers of money to each of her children from the Bolles Trust, keeping a personal record ... read more →