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    Default Selling your home to give the majority of your money to your children?

    Do you think this is a wise or foolish move? To sell your home and give the majority of the money to your 22 year old and 19 year old daughter and son while you lived in a caravan/mobile home?

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    I wouldnt. I would imagine that a 22yr old and 19yr old would p!ss the money away FAST.

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    My sister phoned me the other day to tell me and her and her DH are selling the home so that they could set up their own children in their own homes while they live in a caravan. Both my sister and her Dh are still working. Their children, my niece and nephew are both studying.....they live away from home. I thought it was an unwise move and maybe they are not thinking clearly of their own futures/retirement.

    Lovely gesture to want the best for their kids but maybe not wise.

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    I would think it would be wiser to continue having a solid family home for the children to return to should they need the help, until they have settled themselves as older adults.

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    Default Selling your home to give the majority of your money to your children?

    Quote Originally Posted by penniless View Post
    Do you think this is a wise or foolish move? To sell your home and give the majority of the money to your 22 year old and 19 year old daughter and son while you lived in a caravan/mobile home?
    Maybe investing in a trust fund they cant touch until 30

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    Default Selling your home to give the majority of your money to your children?

    I don't know if I would give them the money as such. I would maybe consider purchasing a couple of units for them to rent cheaply while studying if I was in that position. That way they can still live independently and focus on studying without just being given a huge handout at the inconvenience of their parents.
    Last edited by Curby; 16-02-2013 at 19:22.

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    Quote Originally Posted by Curby View Post
    I don't know if I would give them the money as such. I would maybe consider purchasing a couple of units for them the rent cheaply while studying if I was in that position. That way they can still live independently and focus on studying without just being given a huge handout at the inconvenience of their parents.
    Agreed, and that might be exactly what the OPs sister is intending on doing.

    My eldest is in uni now, and I would love to be able to set her up in "her" own home but am not in a position to.
    Last edited by sweetseven; 16-02-2013 at 19:22.

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    Default Selling your home to give the majority of your money to your children?

    It could be a good investment

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    Well they're certainly not teaching them to stand on their own two feet.

    No way in hell would I do that!!

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    I think it's a terrible idea. The parents have no idea what will happen in the future - having a mortgage free home is a wonderful safety net for anything that might happen as you get older, including going into a nursing home.

    Being able to help your children get on their feet is a wonderful thing but I don't think it should be done if it puts the parents at risk.


 

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