Update on my sister's wedding

jessican08

I am SO angry right now...I could spit. After much cajoling, I got my mom to admit that she was going to "lend" my sister the $3k for her wedding. This money is coming from my mom's slush fund and my dad doesn't know about it...he would go through the roof.

I told my mom if she is "lending" this money to my sister, that she should draw up a promissory note of some kind, have my sister and her fiance' sign it and have it notarized so my sister learns and understands that this is how the adult world works (which, at 32 years old, she should know by now) and that there will be consequences if she doesn't pay my mom back. My mom said that sounded like a good idea and we can work on it tomorrow when I'm up there (in Ohio).

Does anyone know if this is the best route to go? I know it's all contingent on my mom actually attempting to take her daughter to small claims court if she doesn't pay her back but I REALLY think she needs to do something to not only protect herself, but to let my sister know this is not a gift.

TIA ladies

theworms

wow!

i'm glad you got your mom to agree to something to protect herself.  not really sure what the best way to do it, i hope others have better suggestions.

gl cutie

STL34

A promissory note is a good start.  If your sister has any assets, she could secure it with those assets. 

jessican08

STL34:

A promissory note is a good start.  If your sister has any assets, she could secure it with those assets. 

Are Dungeons and Dragons figurines considered assets? (I wish I were joking) 

amy1004

This is tricky.  I think your mom better prepare herself to never see the money. 

I like the idea of a written agreement and if it is notarized, it will be a good document to have for small claims court.  Filing a claim for small claims court in Franklin County, OH costs only ~$70.  I am a notary so here is my disclaimer: having the agreement notarized is simply telling the judge that a third party witnessed both signatures. So it may not be iron clad but I don't think your sister has any means to fight it.

Good luck, I am glad that you are no longer in the mix but it still doesn't solve the problem of having a rotten sister. 

(P.S. where in Ohio are you coming?  I am in Columbus.)

STL34

jessicandavies:

STL34:

A promissory note is a good start.  If your sister has any assets, she could secure it with those assets. 

Are Dungeons and Dragons figurines considered assets? (I wish I were joking) 

Your mom could use them as collateral, but they probably wouldn't be worth the cost to legally seize if your sister fails to pay.  Seriously, though, her and her fiance could use their wedding rings, televisions, etc. as collateral.  But, your mom more than likely wouldn't want to seize any of these things anyway.

For tax and estate planning purposes, your mother really should have a note and charge interest.  Otherwise, instead of a loan, the "loan" could be classified as an intervivos gift.

jessican08

STL34:

jessicandavies:

STL34:

A promissory note is a good start.  If your sister has any assets, she could secure it with those assets. 

Are Dungeons and Dragons figurines considered assets? (I wish I were joking) 

Your mom could use them as collateral, but they probably wouldn't be worth the cost to legally seize if your sister fails to pay.  Seriously, though, her and her fiance could use their wedding rings, televisions, etc. as collateral.  But, your mom more than likely wouldn't want to seize any of these things anyway.

For tax and estate planning purposes, your mother really should have a note and charge interest.  Otherwise, instead of a loan, the "loan" could be classified as an intervivos gift.

Good to know, thank you!!!

vanessagorc

GL to ur mom...

My sis is the same way.  I would pretty much assume that this 3k will end up being a gift.  A written contract would be binding, but is ur mom going to sue ur sis?  I'd guess no.  So i hope she isn't expecting to see the 3k, ever again.

Ahhhh, familes.........

MBfromBMC

I'm glad that you got your mom to protect herself, but, if your mom is like the moms I know, she might not actually go through with suing your sister and the fiance if they do not pay it back. 

At least it sends a message to your sister that your mom really means business this time!!  GL to you and your mom and I hope it all works out!

DeputiesWife

I am not really sure how it would work...wanting to wish you luck!