Parents want to help their children, but they 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.
Affluence can exacerbate the effects of addiction. Paying for vacations, Uber rides, and car loans can prevent adults from becoming financially independent. It’s essential to set boundaries about when to help and when to sit back, especially when an adult child is mentally or physically ill, making tough love even harder.
Joe and his wife Susan raised two daughters who should be forging their own paths in life. However, their daughter Lilly became addicted after falling in love with a boy with a history of drug use. Joe and Susan supported Lilly through her troubles, bailing her out of jail and sending her to rehab, hoping she would turn her life around.
Lilly’s struggles continued, even after becoming pregnant. Joe and Susan once again stepped in, providing her with support in hopes that motherhood would inspire her to stay clean and get a job. Although Lilly appeared to be doing better, her addiction eventually led her back to her boyfriend and legal troubles.
When Joe and Susan should be enjoying their retirement years, they found themselves as the guardians and caretakers of their young granddaughter. Joe has returned to work part-time to keep up with the new responsibilities, sacrificing the retirement they had planned.
Here are some of the ways we guide clients in making critical decisions and taking control of your finances:
Transferring Wealth to the Next Generation involves carefully planning and managing assets to ensure a smooth transition, preserving family wealth and achieving long-term financial goals.
An Investment Solution focuses on finding strategic ways to optimize and diversify assets, ensuring financial growth while minimizing risks and tax burdens.
