Kara Duckworth, of Mercer Advisors, has made available for download her article, “Keeping the ‘Bank of Mom or Dad’ From Being Overdrawn,” published in The Kiplinger Washington Editors. The article begins as follows:
Families have been giving financial gifts or lending money for generations, but allowing adult children to continue to draw on the “Bank of Mom or Dad” can add up, potentially putting parents’ retirement plans and financial security at risk. When children become young adults – leaving home, starting a family of their own – many parents think that they will have more time and money available for their own needs when, in reality, this might be the most expensive stage of parenting.
To see the full article, click here: “Keeping the ‘Bank of Mom or Dad’ From Being Overdrawn”.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.