Parents want to help their children, however may go too far, even if it means jeopardizing their own financial goals. A family member’s addiction could be one of the most serious threats to their wealth.

No matter what they’re going through, it’s best to set some boundaries about when to help and when to sit back. Affluence can exacerbate the effects of addiction. Paying for vacations, Uber rides, and car loans can prevent adults from becoming financially independent. And, when an adult child is mentally or physically ill, tough love is harder.

Joe and his wife Susan raised two daughters that should be out forging their own paths in life. However, one of their daughters Lilly, shortly after high school, fell in love with a boy who had a history of drug use. It wasn’t long before Lilly too became addicted and regularly found herself in trouble with the law. Joe and Susan were not about to just give up on their daughter. They were there to bail her out of jail and send her off to rehab for help. Joe and Susan would welcome Lilly back into their home after she successfully completed her program. Like so many other individuals in her situation, she would find her way back to her boyfriend and the life of addiction. One of the times returning back to her boyfriend, she found herself pregnant. Lilly wanted to get her act together so that she could be a mother to her child. Again Joe and Susan were there to take her in and get her the help she needed. Joe and Susan were hoping this would be the catalyst Lilly needs to get a job and stay clean. It appeared that Lilly was doing much better and that things may turn out ok, so Joe and Susan after enjoying long and successful careers, had finally decided to retire. They were looking forward to taking some time for themselves and traveling while still in good health. That goal was short-lived. Lilly once again found herself reunited with her boyfriend and once again on the wrong side of the law. When Joe and Susan should be enjoying their retirement years, they have found themselves as the guardians and caretaker of their young granddaughter and Joe working part-time to keep up with the new responsibilities.

How ProCore Advisors can help

Here are some of the ways we guide you in making critical decisions and taking control of your finances:

• We work alongside other professionals that can help guide parents through the process of recovery and work together on a financial plan that will not jeopardize the parent’s financial success. 
• We will work on setting up vehicles and trusts that can protect wealth transfer.
• We keep things as simple as possible.