Planning Notes: Evaluating the Cost of Supporting Adult Children
More parents find themselves helping to support their adult children financially, without fully considering the cost. According to a Pew Research Center survey, 73% of adults ages 40-59 with adult children have provided some financial support to at least one adult child. Of that 73% providing support, half have provided primary support for an adult child. Most of the parents providing primary support are helping while their child is in school, but 36% provide primary support for other reasons. A majority of parents feel obligated to provide financial support when asked for help by an adult child. As a financial planner, you can help clients evaluate the feasibility of supporting adult children to ensure that extra support doesn’t end up costing thier long-term financial stability.
Let’s look at an example case of “Paul and Pam Parent”, using Silver Financial Planner to evaluate the cost of supporting an adult child.
Product News: TOTAL Online Integrations
Thank you to everyone who participated in last months TOTAL Online integration vote. Your responses provided valuable information and we are focusing on the most important integrations for our customers. Money Tree is currently developing integrations with Redtail, TD Ameritrade, Junxure, Albridge, Advent and PreciseFP for TOTAL Online.
2013 In-Depth Workshops: Orlando 10/18
We have set the date for the Orlando in-depth training workshop. The workshop will be held Friday, October 18th, prior to the FPA Experience 2013. Register to join our full-day, in-depth training workshop on Silver Financial Planner and TOTAL Planning Suite.
Tech Tip: View a Silver Class Anytime
If you have not been able to attend a training class for Silver Financial Planner or Silver Online, you can view a previously recorded session at your convenience. Training classes is a great way for new users to get started with this fast and effective financial planning program. The recorded Silver training classes are about an hour long and cover the program menu, data input, the “What If?” feature and a highlight of the available reports.
