YOUR FINANCIAL JOURNEY
Financially assisting adult children.
Providing Financial support to the next generation.
How can I help support my child financially?
If you want to provide financial assistance to a non-dependent adult child facing financial difficulties, it can be a challenging and emotional situation for the entire family. At Locumsgroup, we understand the importance of providing balanced advice while safeguarding your own financial stability.
This is a complex area and that handled correctly can generate excellent outcomes for all involved, both parents and the non-financially dependent adult children. However, any financial arrangements should have some clearly understood guardrails.
Managing expectations is critical to achieving an outcome from such a situation.
If you have a child who is struggling financially, it can be worrying for your family and hard to know how to support each member of the family equally.
Questions that you might ask your Locumsgroup adviser:
- Can we help without negatively impacting our own finances?
- How can we fairly reflect this assistance towards our other children?
- Are there any Centrelink implications we need to be aware of?
- How can we protect gifted funds in case of a divorce to ensure they stay within the family?
Guidance We Provide:
- Assessing the affordability of gifting.
- Establish guidelines to ensure your financial stability.
- Planning for potential future aged care funding.
- Understanding trade-offs, such as balancing holiday spending with education funding.
- Ensuring fair distribution of financial support among your children.
- Evaluating if gifting is the right choice.
- Identifying how your child got into financial trouble and if it might happen again.
- Controlling the use of the gift to prevent future debt.
Live gifting can be rewarding, but it’s essential to discuss your plans with an adviser to avoid potential pitfalls. Our professional team can help navigate these complex decisions with an objective perspective.
Ensuring the Future of a Financially Dependent Child
As the sole provider for a financially dependent child, you may worry about their future after you retire or are no longer around. Locumsgroup can assist with planning to ensure your child’s financial security.
Concerns We Address:
- Prepare financial projections to determine the consequences of providing financial support to your dependant child.
- Managing your child's financial affairs if they lack the capacity to do so.
- Protecting your child from potential financial exploitation.
- Choosing a trusted family member to assist.
- Providing controlled access to funds to prevent misuse.
- Ensuring your wishes are respected in your child's financial planning.
Our Solutions Include:
- Projections to ensure lifelong financial support for your child.
- Advanced estate planning beyond a simple will.
- Setting up structures to protect from financial predators.
- Nominating a legal guardian to manage your child's finances.
- Creating trust structures that allow supervised access to capital.
- Advising on tax implications for investment properties.
With Locumsgroup’s expert advice and thorough planning, your family can achieve financial stability and support for years to come.
Contact us today to schedule an appointment and start planning a secure financial future for your family.
