When One Adult Child Needs More Financial Help Than Another via nextavenue
Some boomer and Gen X parents want to assist their grown children financially from time to time, either to enhance their kids’ lives or because their sons or daughters are struggling financially. But when is it okay to help one child more than another? And what’s the best way to do this without upsetting the family?
Hobby recalls working with a Philadelphia-area couple with three adult children. The oldest son had a lucrative career and the daughter — youngest of the three — was also pretty well off. But the younger son had gotten divorced and his settlement significantly reduced his disposable income. The parents wanted to help him, but worried that giving this son more of their assets than his siblings would cause discord in the family.
“Recognizing how much they loved their children and seeing how conflicted they were about what to do, I advised the parents to have an open discussion with all three children together,” says Hobby. “The five of them sat down and co-created aWhile parents aren’t obligated to discuss such decisions with their adult children, transparency can be beneficial to their relationships.
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