Dear Dave,
My dad and his wife asked my husband and me for $55,000. They want the money so they can pay off their debt. We’re debt-free and have a net worth of between $2 million to $3 million, but we’re also retired. We don’t keep that much in the bank, so we’d have to draw from our retirement accounts—which is something we don’t want to do. They’ve already approached other family members about this too. His wife is owed money at some point from a family settlement, but they don’t want to wait that long. My dad said we should do this if we want them to get ahead and have anything left in their later years. My dad is 80, and his wife is in her late 70s. My husband and I are both in our 50s. Please tell me how to handle this.
