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Most Georgia parents support adult children financially, part two Atlanta, GA

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Most Georgia parents support adult children financially, part two

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As we discussed earlier this week, approximately 60 percent of parents now provide financial support for their adult children. Certainly, college graduates and other twenty- and thirty-something adults face unique difficulties in this economy, with a dismal job market and increasing student loan debts. However, financial experts have expressed concerns that this practice could end up harming both parents and children in the long run.

Of the 1,000 parents surveyed, approximately 43 percent stated that they offer financial assistance to their child or children because they are “legitimately concerned” for their kids’ financial welfare and security. In addition, 37 percent said that they have struggled financially in the past, and that they want to protect their children from the difficulties and hardships they faced.

According to psychologist Vivian Diller, Ph.D., the latter reason may have more to do with parenting trends than the economy. “In the last 20 to 30 years, the family structure has become more child-centered,” she said. “Boomer parents were very willing to make sacrifices for their kids.”

While a parent’s desire to protect their children is wholly understandable, financial experts caution parents to protect themselves – and their futures – as well. Approximately 26 percent of parents who responded to the survey reported that they have taken on additional debt since they began supporting their children, and seven percent have delayed their retirement plans.

With the current uncertainty around Social Security and retirement funds tied to the stock market, parents need to keep their own financial futures in mind when deciding how to help their children, says Suzanne de Baca of Ameriprise Financial. De Baca recommends setting clear expectations when loaning or giving children money, and says that parents should always have a plan. “Compromising your financial security is a mistake,” she said. “If you can’t take care of yourself, you won’t be able to help your children in the long run.”

Source: Forbes, “Nearly 60% Of Parents Provide Financial Support To Adult Children,” Jenna Goudreau, 20 May 2011

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1718 Peachtree St NW, #385
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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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