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How Long Are Your Parents Financially Responsible for You?

January 4, 2021 By MelissaB Leave a Comment

Parents Financially Responsbile for You

From the time a baby is born until he is 17 years of age, experts estimate that parents will pay approximately $233,000 to care and provide for him (USDA).  That amount doesn’t even include the cost of college!  Parenthood is a lifelong responsibility, but the financial aspect has a definitive end according to the law.

How Long Are Parents Financially Responsible for You?

In the majority of states, parents are financially responsible for you until you reach the age of majority, which is 18.  However, if you live in Mississippi, the age of majority isn’t until 21!

Early Termination of Parental Responsibility

In rare cases, parents’ financial and legal responsibility can end early.

Termination of Legal Custody

One way this may happen is if the Department of Children and Family Services takes the children away from the parents due to neglect or abuse.  Parents are given time and classes to improve their parenting skills and regain custody of their children.  However, if they don’t change, their parental rights may be terminated.  In that case, they are no longer financially responsible for their children, but they also can no longer see their children.

Emancipation

Parents’ financial responsibility for you can also end if you become emancipated.  This can happen several different ways.

Natural Emancipation

There are two ways you can be naturally emancipated.

Marriage

You will be naturally emancipated if you marry before the age of 18.  Of course, the age in which you can marry depends on your state, but only four states—Delaware, New Jersey, Minnesota and Pennsylvania—don’t allow legal marriage before the age of 18.  The rest allow marriage at a variety of ages including as young as 13.  Once you’re married, your parents are no longer financially responsible for you.

Join the Military
Parents Financially Responsible for You
Photo by Jessica Radanavong on Unsplash

Likewise, you are eligible to join the military at 17.  If you do, your parents’ financial responsibility for you ends.

Minor Initiated Emancipation

In rare cases, a child can petition the court to be emancipated.  To successfully do so, a child must prove that he is mature enough and has the means to support himself.  While this doesn’t seem to happen frequently, there are plenty of child actors who have taken this step including Drew Barrymore who became emancipated at 14 and Macaulay Culkin who requested emancipation at 16.

Extended Parental Responsibility

In certain instances, parents’ financial responsibility for you may last longer than the age of majority.  This may happen if you have a disability and your parents petition the court to be your legal guardian.  In order for them to be your legal guardian, they will need to prove that due to a disability, you are unable to manage your affairs.  If your parents become your legal guardians, they will ultimately make financial and legal decisions for you.

Final Thoughts

In general, parents are no longer legally financially responsible for you in most states when you reach the age of 18.  However, there are several circumstances where this legal obligation may end sooner or extend longer.

Read More

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Filed Under: Children, Married Money Tagged With: children, cost of children, family finances, parenthood

Should You Give Financial Support to In-Laws?

December 7, 2020 By MelissaB Leave a Comment

Financial Support to In-Laws

Watching a loved one struggle financially can be painful.  If you have the money, you may want to step in and give them financial assistance.  However, before doing that, carefully consider.  As Dave Ramsey is fond of saying, “The borrower is slave to the lender.”  The last thing you want to do is have a family member see you as a master.  Nothing ruins relationships faster.  The situation gets even more complicated when you consider giving financial support to in-laws.

Reasons Not to Give Financial Support to In-Laws

There are two main reasons why you should decline giving financial support to in-laws.

Can Affect the Parent-Child Relationship

As mentioned above, one family member giving money to another family member, especially in the form of a loan, more often than not puts strain on the relationship.  That strain gets stronger when a child gives money to a parent.  There’s something about the imbalance of the child being in a better position than the parent that causes strain and embarrassment to both parties.

As much as you may want to help your parents or in-laws, doing so may not be worth the risk you’re taking to the quality of your relationship.

Can Affect the Spousal Relationship

When you’re married and discussing giving financial support to in-laws or your own parents, you’re adding another layer of complexity.  The last thing you want is to give money to your parents only to find out that your spouse resents giving money to her in-laws.  She may feel that the money you’re giving to your parents could be better used for your own family or your children.  This feeling is likely to fester if you’re routinely giving financial support to in-laws.

Remember, money issues are the leading cause of divorce.  If you feel lending your in-laws or parents money will cause financial strain, look at other options.  Try to find other ways to help your parents get back on their feet without risking both the parent-child relationship and the spousal relationship.  After all, if you end up divorcing over this type of issue, you’ll be even less likely to be able to help your parents after an expensive divorce.

Give a Gift Instead

Financial Support for In-Laws
Photo by Esther Ann on Unsplash

If you are financially secure and your spouse is onboard with the plan, why not consider giving your in laws a financial gift?  If your in-laws fall on hard times because of job loss or a health issues, give them a set sum once rather than letting them borrow the money.

However, I would caution against regularly giving them money.  Most people fall on hard times at least once in their lives.  However, if your in-laws regularly request money, likely something in their financial lifestyle needs to be adjusted so that they can be self-sufficient.

Final Thoughts

Giving financial support to in-laws is a risky proposition and not recommended to maintain healthy relationships.  However, if your in-laws fall on hard times, you might instead consider giving them a one-time gift.

Read More

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Filed Under: Giving, Married Money Tagged With: divorce, family, family finances, family relationships, Giving

9 Ways to Get Your Child a Christmas Gift If You Can’t Afford to Buy One

November 9, 2020 By MelissaB 1 Comment

 

My mom often tells the story of the first Christmas she and my dad had after they were married. They didn’t have any money, so they bought a sad, little Christmas tree on Christmas Eve that only cost a few dollars. It was so tilted that they had to tie it to the wall to make it stand up straight. She got my dad a warm wool pair of socks to wear when hunting, and he got her a tea kettle.  She laughs about that Christmas now. In retrospect, the story does have a poignant sweetness to it. However, that Christmas, they didn’t yet have kids.  When you’re struggling financially, not being able to buy a Christmas gift for your child can be heartbreaking. If your money is stretched and you literally have nothing extra, there are ways to make sure your children have a gift under the tree.

Christmas Gifts

Ways to Get Younger Kids a Christmas Gift

Younger kids are easier to get gifts for when you’re in this situation.  They have less specific wish lists than teens.  Often they’re happy just having a gift, whether that be a doll or a truck.

Buy at Second Hand Shops or Thrift Stores

If you have a small bit of money to buy a gift, consider looking at thrift stores or secondhand shops. Or, you could turn in your kids’ outgrown toys and clothes for credit to purchase items at the secondhand store. Be warned, however, that secondhand stores usually pay just a pittance for items they buy, so you might not get much credit.

Exchange Used Toys with Another Family

Toy Exchange for Christmas Gifts
Photo by Shitota Yuri on Unsplash

Another idea that doesn’t cost anything is to exchange toys with family friends. You gather up the toys your children are bored with or have outgrown, and exchange them with another family who does the same. You can wrap these “new” toys and give them to your children for Christmas.

Ways to Get a Gift for Teens

Teenagers have more specific gift lists and are usually more aware that the family’s finances are tight.  Still with a little creativity, you can find ways to get them gifts they will like.

Give Them Books and Jewelry

You can go to local thrift stores and find books in excellent condition to give for presents.  You may also be able to find nicer jewelry for your teen daughters.

Give Them Gift Coupons

You may not have money now for a gift, but you might have money in a few months.  You can give your child coupons for experiences.  For example, a free one might be, baking and movie night with mom or dad.  While this gift costs nothing, it does give your teen one on one time with you.

Another idea might be one weekend family camping trip.  If you already have the camping supplies, you can go to a national park with a low entrance fee.  This present will likely cost less than $50 for the whole family, and you’ll be building memories.

Gift Them Privileges

One gift that is free but will likely delight teenagers is to gift them privileges.  For instance, if your teen still has chores to do around the house, give them a coupon for a week off from chores.  Or, one coupon could be for an hour or two later curfew.

Give the Gift of Your Time

If you don’t have money for presents, take the time as a family to count all of your blessings.  Then, spend some time helping others who are less fortunate than you are.  Volunteer at a food pantry or soup kitchen.

Sometimes when you find yourself in desperate financial straits, you may start to feel sorry for yourself.  Helping others can make you further appreciate your current situation, even though things feel dire.

Ways to Get a Gift for Kids of Any Age

Christmas gift
Photo by freestocks on Unsplash

There are other ways to get your children gifts, regardless of their ages.

Sign Up for a Free Gift with the Salvation Army

The Salvation Army works hard to give a gift to each child whose family can’t afford to buy one. Go to the Salvation Army website, enter your zip code at the locations tab, and find a Salvation Army near you.

You’ll need to prove that you are indeed low income. You can do this easily if you’re receiving food stamps, WIC, or Medicaid.  There are also other requirements you’ll need to submit, which you can find on the website or when talking to your local office.  Be advised that many people sign up for this service in October, so time is of the essence.

Sign Up on Santa’s Little Helpers

Reddit has a program called Santa’s Little Helpers.  You must join the program, and then you share your wish for holiday presents.  There are limits including $25 for an adult present and up to $100 for a child’s present.  You can make gift requests for each of your children, but if you have more than four children, you will need to provide a picture of your entire family together.

This year, registration began on November 7th, and gift requests will begin on November 14th.  You are allowed to register until December 12th, but obviously, the earlier you register and request a gift, the more likely your request is to be fulfilled.

Contact Your Local Church

Many churches run their own Christmas present giving operation. Contact local churches and tell them your situation. They may be able to help you or refer you to another church or agency that can.

Final Thoughts

If your budget is beyond stretched thin as my parents were on their very first Christmas, remember that there are nine ways to get your child a Christmas gift if you can’t afford to buy one. There are many services available to help assist families in a bad financial situation so that every child can open a present on Christmas.

What other suggestions do you have for families who cannot afford a Christmas gift for their kids this year?

Read More

What Christmas Expectations Are You Setting for Your Children?

How I Plan to Have a Low-Cost Christmas

4 Frugal Ways to Keep Young Kids Busy During Christmas Vacation

Filed Under: Children, Married Money Tagged With: Christmas Gift

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