Elder Law Center

One Essex Street

Saugus, Massachusetts 01906

Telephone 781.233.4444   Fax 781.231.2222

 

 

 

Parents who try and give their cash to their children and in return receive a promissory note are faced with new rules to avoid having the loan be deemed to be a gift. Now, loans must be actuarially sound. This means that the term of the loan may not exceed the parents life expectancy. The interpretation issued by CMS says the a mortality table maintained by the Social Security Administration must be used to determine if the loan is actuarially sound.

 

CLICK HERE to find the maximum term of the loan based upon the lender's life expectancy.

 

 

This web site may be considered "advertising" under Massachusetts Supreme Judicial Court Rule 3:07. The information presented on these pages does not constitute legal advice. An attorney client relationship can only be established after personally meeting with each other. After consideration of all the facts in your case during a personal meeting, and payment and acceptance of a retainer, will an attorney client relationship begin. Likewise, electronic mail to Elder Law Center through this site cannot be guaranteed to be confidential and does not create an attorney-client relationship.