IF YOUR CHILDREN WON’T LISTEN TO YOU PERHAPS THEY’LL LISTEN TO AMERICAN EXPRESS!

There is an old saying that can be painfully true, “You are only as happy as your unhappiest child.” One of the most common laments I hear from parents of adult children is that, for whatever reasons, their offspring seem to (repeatedly) need financial assistance … not because of illness of hardship, but simply through poor decision-making.

It’s hard to talk-turkey with your adult children, and they seldom listen anyway. But, maybe they will listen to advice from a third-party, especially if that advice is delivered in a manner with which they are most comfortable – fresh, fun and online.

American Express has launched Currency (www.getcurrency.com) to provide just that type of advice.  They offer online “courses,” and even a new iPhone app, Social Currency for social networking. A recent hot topic: Currency 101: What is “Spending”?

Some of other course topics include Buying Your First Home, Get a Handle on Your Taxes, and Managing Student Loans.

But if your adult children still keep on coming to you for “loans” there are two estate planning steps you can take that might discourage them for “freeloading” of you:

(a)  Make provision in your trust that any loans will be deducted from their share of your estate on your deaths

(b)  Set up a spendthrift trust which can limit their access to their share of your estate by providing for payout to be at the discretion of a third-party trustee.

And if neither of those deterrents are effective, well stop giving them loans or make them sign promissory notes for the loans.  It’s called “tough love”!

 

For more information regarding spending advice and planning that can ensure your family is taken care of, while still responsible with their money, visit us here to set up a FREE consultation.  

Comments

[juicy couture bags]

Knowledge cannot be unlearned, so the best way to oppose the villains is to have lots of heroes on your side!

[Nike Shox Shoes]

IF WE GIVE ENOUGH, IF WE LEARN TO TRUST. PO PO PO PO.....

[Nike Air Jordan]

Goodbye to you, my trusted friend,
we've known each other since we were nine or ten;
together we've climbed hills and trees,
learned of love and A-B-C`s,
skinned our hearts and skinned our knees.

[supra shoes]

You hit the nail on the head. People who realize the importance of connecting, communicating on an emotional level, and cooperating with others to enhance their greatness IMHO have a distinct edge.

[True Religion Jeans]

The tale also shows the role of luck in discovery.

[Asics Shoes]

mean I just read through the entire article of yours and it was quite good but since I'm more of a visual learner,I found that to be more helpful.

[Asics Shoes]

A man can fail many times, but he isn't a failure until he begins to blame somebody else.

[Hijriatun]

wow, this cnmemot box is TINY!I'm torn about whether or not ALL the posts should be listed.But one thing's for sure, it should be consistent from week to week. I was surprised to see it up for last week since it's been so long What happened to the podcasts with the hosts? I had an email from David after I hosted week 33. I replied but never heard back. I like the podcasts!