Parents can also take this time to involve the children in planning their own financial futures to help teach them the importance of long-term money management. Providing an introduction to a comprehensive vision of financial literacy, including banking, credit management, investments, insurance and retirement plans, will offer this next generation a better chance for the successes they earn their first full-time paychecks.
A Bright Future for the Entire Family
Regardless of whether children have flown the nest or returned temporarily, with the right financial planning and an eye towards the future, this time in the life of a family with adult children can be rewarding and beneficial for all. With mutual respect, everyone in the family can feel that their value is recognized and appreciated as the allocation of the family’s resources continue to evolve.
To learn more about how Cambridge Trust can help you and your family, please contact your Relationship Manager.
This article is for informational purposes only and should not be construed as investment or legal advice. Please consult your tax advisor and/or legal counsel to determine if the strategies described above are right for you.