$$$ What would you do?
Grand daughter wants to borrow $17,500 to purchase a house, down payment. She hit us up for "anything we can spare". She is 32,unmarried and very responsible. She has been a police officer in a very large city for 8 years. We are not rich by any means, but we are comfortable and own our home and vehicles. She has commitments from other family members. I have done the math, paying us back is improbable. We have committed ourselves to $3,500. But I have to sell some stock. What would you do? BTW, we are both in our 80's. We could deduct the unpaid balance from our will!!! Eddie
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consider ANY contribution a gift, give whatever you can ‘spare’ and live without.
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We think alike Mike. This has always been our policy.
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Agree with Mike, even when family has intentions of paying back, my experience is it rarely happens…
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I also agree with both Mike and Ruger
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I think helping a family member to own a home and seeing the good happen while you are still around to witness it will be a much more fulfilling thing to do (for yourself) than planning to leave all of your assets to be split up between your heirs.
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Locust Fork took the words off my keyboard. We gave both our children a modest amount to help with the purchase of their first homes and have not regretted it. Their many thanks was payback enough.
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All replies have been in agreement. Check is in the mail. Eddie & Julie
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Agree with Mike and LF. In my career I seen many family transactions for loans, maybe only one ever worked.
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Banking laws are interesting. When we did this with our son, he had to confirm source of money and we had to sign a form confirming it was a gift.
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