When Is Supporting Your Adult Children Too Much?

 

Sam Tabar is an attorney and capital strategy advisor located in New York City. After multiple years in the finance world, Tabar decided to get back into the legal world by joining Schulte Roth & Zabel LLP as a Senior Associate. In this law firm, Tabar works with hedge funds, fund formation and structure, and regulatory and compliance issues. He understands how the finance world works, and how money should be structured in a business setting or in a personal setting. He has wrote a couple of articles for the Huffington Post talking about his financial wisdom, and how people should handle their own finances.

 

Early in October, Sam Tabar wrote an article called, “When Should A Parent Stop Supporting Their Adult Children?” In the article, he discusses how difficult it can be for parents to stop supporting their children, after all, parents believe they are supposed to be their children’s caregiver, but how long is too long? People tend to believe that their child is their responsibility for life, and in some cases this is true, but it may not be true in the finance department.

 

Sam Tabar discusses how each parent has an individual number when it comes to the age of no longer supporting their children. First parents should look at their own financial state, are they ready for retirement? Do they only have $400 in savings? If they are financially stable and do not have trouble paying their bills for their children, paying bills until the child is 30 or 40 might be ok. However, if the parents are in financial trouble and their adult child has a steady job, and money in savings, they should know it is time to pay their own way.

Tabar does not believe that parents should risk their own financial life to care for their adult children’s finances. If someone’s children is capable of paying their own bills, but refuses to, this is when the parents may need to be stern and tell them how it is. Most people are not going to give up free help, even if it is from their own parents.  See what Sam is working on next on artstation.com.