Ep # 58: Using Your Money To Help Loved Ones

"One of the most heartening finding in this study is that the pandemic has led to a notable spark in generational generosity.  One in three (34%) adult Americans, 85 million people loaned or gave money to a family member or friend who was impacted by the pandemic" Source: https://www.edwardjones.com/sites/default/files/acquiadam/2021-01/Edward-Jones-4-Pillars-US-report.pdfHave you ever gifted or loaned money to support a loved one? Are you considering gifting or loaning money to support a loved one?  Listen to this podcast episode to understand different scenarios for doing so and the things you should be considering.[1:38] Delineating between what is a loan and what is an outright gift[2:43] Things to consider if it is a gift[6:49] Being cognizant of if the gift is appropriate[8:46] If it's a formal loan, there are some things to think about[12:28] Why a loan makes sense[16:07] Podcast recapTracking # 1-05211453Thanks for listening!If you want to be notified when the next episode will be released, you can:Subscribe to the ShowFor more insights on everyday financial planning questions,  go to www.haasfinancialgroup.comContact Us:Email us at [email protected] advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Group are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice.