QUESTION

Should I get a contract saying that money was received was a gift and not a loan so it can't be retracted in the future?

Asked on Aug 13th, 2012 on Bankruptcy - New York
More details to this question:
I have been wanting to visit a friend of mine for a long time. I was planning on visiting him next summer, but expressed my financial problems and was unsure of whether or not I could save enough money. He generously offered to give me some money because he wants me to visit, and believed that both of us putting some money forward would allow me to visit when I wanted to. I trust him, but I also want to have a backup plan if he decides down the line that the money he wants to give me was a loan. What should I do before taking any money from him that clearly states the money is a gift and not a loan I need to pay back in the future?
Report Abuse

1 ANSWER

Litigation Attorney serving Pearl River, NY at Law Office of Bijal Jani
Update Your Profile
If your friend is gifting you the money (that is, does not require that the money be paid back), then it should be in a written note which he has signed.
Answered on Aug 16th, 2012 at 8:52 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters