×

COVID-19 is having a serious impact on our community and around the world. We understand that there are uncertainties right now.
But we want to reassure you that Davis Schilken, PC is still up and running and we are dedicated to supporting our clients, employees, and community. Please call us if you need help at 303-670-9855, we are able to set up either video conference or conference calls to address and handle your legal needs.
Be well and stay safe!

Call Us: (303) 670-9855

1658 Cole Blvd., Building 6, Suite 200, Lakewood, CO 80401
7887 E. Belleview Ave, Suite 820, Denver, CO 80111

Call Us: (303) 670-9855

1658 Cole Blvd.,Building 6, Suite 200
Lakewood, CO 80401
7887 E. Belleview Ave, Suite 820,
Denver, CO 80111

Select Page

They call it the “boomer boomerang” – adult children of retiring baby boomers who continue to rely on their parents for their financial needs.  Unfortunately, continuing to support grown children can have a significant detrimental effect on boomers’ savings and retirement plans, according to a Wall Street Journal article yesterday.

To avoid having your adult children jeopardize your financial future, financial planners recommend the following:

No blank checks.  While you may be able to help your children out here and there, don’t make it a blank check.  Be sure you can pay your own bills before you cover theirs.

Establish limits.  Let your children know exactly how much you can comfortably provide, and set a time limit on when the support will stop.

No guilt.  Parents often feel guilty when they have to say no, but you must be honest with your adult children about how you are putting your own retirement at risk.

Reassess goals.  Reassess your own financial goals and develop a new financial plan to stick to them, even if that means cutting off the support at some time.

Make them accountable.  Make your children accountable for their finances; unless you do, they are liable to make the same mistakes over and over.

Of course, the best way to avoid having adult children depend upon you for financial help is to educate them when they’re young about the importance of saving and budgeting as well as self-reliance when it comes to paying their own way in life.

Our Colorado asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.