Financial Arrangements Between Older Adults and Family Members: Loans and Guarantees
The project explored financial arrangements within families whereby the assets of older adults are used for the benefit of younger family members. These benefits most often take the form of loans or guarantees, and reflect the sincere desire of older adults to help their family members. They may, however, have a very negative impact on both financial security of the older adult and the family relationships. This project made recommendations for reducing or mitigating problems associated with these family loans and guarantees.
Keywords: loans, financial arrangements, older adults, seniors, guarantees, abuse & family violence, debt, contracts, unconscionability, fiduciary duties, non est factum, undue influence, suretyship and guaranty, consumer, consumer protection, education, Legal Issues Affecting Seniors Committee
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