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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 118251
Experience:  Attorney experienced in commercial litigation.
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I'm Gary

Customer Question

I'm Gary
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  Dwayne B. replied 2 years ago.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Is there a specific question with which I could assist?
Customer: replied 2 years ago.
I need help drafting a simple Promissory Note from Me to my son.
can u help please
Expert:  Dwayne B. replied 2 years ago.
I am going to opt out and open this back up for other experts. Many of us in the legal categories don't assist with document preparation but there are a few who do. When I opt out this will open the question back up and other experts can take a look at it. If no one picks up by the end of the day I'll come back and see if I can point you in the right direction but what I can do along these lines is extremely limited. No need to respond, it will post again to the other experts as soon as I leave and if you respond it will delay the process.
Customer: replied 2 years ago.
There are several OnLine forms but the don't quite hit the spots that I need
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What is the promissory note for? While we may not be able to draft it for you, we can get you a template to use to draft your own. If that is sufficient for you let me know what it is for and I will assist in providing you a template you CAN use.
Customer: replied 2 years ago.
Good enough.
here's the scenario:
I loaned my son 20,900 to fix up the house he just bought in Illinois. The conditions were that I would be paid out of the proceeds upon sale of the house.
I need this to protect me since he is in the start of going through a divorce and his soon to be ex wants half of the profits of the sale.
on suggestion of his attorney, I was instructed that a Promissory note would do in lieu filing a lien.
that's where we're at right now.
Then, I just read where I have to charge some kind of interest on the load or the IRES will hit me with an
Imputed Interest fee which I will have to pay.
I've shot an email off to my accountant about that one, but no answer. yet.
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your reply.
I am attaching a word document that is a simple promissory note you can modify. See:
The IRS can impute interest to you and can treat any interest imputed as a gift to the borrower, so it goes against your life time gift tax credit and most times you do not end up paying taxes on it. However, if you charge 1% or .5% interest, that could be sufficient to avoid that if you are worried about the gift tax credit.
Customer: replied 2 years ago.
I saw that form online myself, bout it doesn't give me the latitude to plug in my info..
Such as one payment upon sale of house.
Tell you what.
I've contacted a local paralegal and the can prepare me a more pertinent document.
But, I do thank you for your info and help.
Now, am I still out my 48 bucks that I just paid ?
Expert:  Law Educator, Esq. replied 2 years ago.
It does now, it is in word format and you can edit it and that is the form I use when I need forms. You can indeed edit it with word though and it is not the online version.
Expert:  Law Educator, Esq. replied 2 years ago.
By the way the experts are not employees of this site, we are independent users just like you. So we have nothing to do with payment arrangements between customers and the site and we get nothing for helping customers unless customers leave positive feedback. Thank you.
Customer: replied 2 years ago.
Ok, Cool.
At this point, forget the 48 bucks. You can keep it !
Just please make sure my account is cancelled so there's no reccurring payments, OK.
Thanks again
Expert:  Law Educator, Esq. replied 2 years ago.
The only way the expert gets anything for their time is if the customer clicks on 3-5 stars.
Thank you.