Planned Giving


FREE Estate Planning Kit

Planned Giving

Forward this article to a friend   Print version   Increase font size  Decrease font size 

What to Do When Your Grown Children Are in Debt

The current economic scenario for your adult children is much less stable than it was for you in the 1960s. They're in debt and saving very little for the coming years. But with your love and support, you can help your kids regain control of their finances.

What Happened?
Stagnant incomes, trivial savings and declining asset values have turned up the heat on your children's money pressures. These factors make it more difficult for them to stay on top of their growing debt. And eager financers have helped your children overextend themselves on credit cards and home mortgages. This financial crunch means that your children probably haven't devoted sufficient time and resources to developing comprehensive retirement and estate plans that ensure their security.

How Can You Help?
  • Avoid criticizing or shaming them. 
  • Find a reputable credit counselor.
  • Help them make a budget.
  • Talk about their dreams and goals.
  • Suggest low-cost or no-cost family events.
  • Agree to cut back on gift purchases.
  • Brainstorm ways to save or make extra money, such as a garage sale or a temporary second job.
  • Suggest they take a financial class.

With your insight, your kids will be better prepared to manage their inheritances someday, as well as leave the people and causes they love with lasting legacies instead of lasting debt. If you'd like more information or have any questions, contact Steve Goebel, CFRE at 309-281-4392 or

Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.

Meet Our Staff   |  Contact Us   |   Planned Giving Home