Dear Cousin Lauren is in a tough spot and she asked you for money. Again. Granted, she’s family and you want to help, but maybe she hasn’t made the best financial decisions in the past. What should you do?
It’s tempting to loan money to a friend or family member when times are tough. But whether Cousin Lauren asks you to float some cash “just this once,” or needs ongoing help that may impact your comprehensive estate plan, consider the following before you commit to an intra-family loan. (more…)