Disclosing Income to Child ...

R124687
Sat, 16 Jan 2010 10:33:21 +0000

I spoke to my daughter about the fact that, though I believe that I will be paying for any educational loans…she needs to understand that some/most of those loans will actually be in HER name. So, while I’m the cosigner, that doesn’t help if I lose my job or something happens to me. Those loans will be in HER name. It’s one of the MANY factors we’re discussing in whether or not to go to the cheap/free in state uni versus private OOS more elite school.

So I include her of course, and do want to TEACH. But, it’s really just a matter of “exposing”, at this stage. I have a business and fully expect my CSS Profile to be a NIGHTMARE. I’m hoping I’m worrying for nothing. But there are special circumstances I might be mentioning that my daughter doesn’t need to know about either. I’m not hiding it from her, but…she doesn’t really NEED to know how much money is in my business. Nor does she necessarily NEED to know that I’ll be hoping for some laxity in my $20,000 post cancer medical expenses each year. And she wouldn’t really UNDERSTAND my investments, etc. BUT…to see the words and ask questions (what is an IRA?, what is home equity?, etc)…is a good first step in learning. I’ll expect her to see ALL items on anything she has to electronically sign (if she had a job, you bet she’d be filling her part out, but she has no income, her part is a no-brainer at this point).

Also, she’s had no contact with her “Father” (makes me ill to use the word)…EVER. So she had to help me with the forms to ask for a waiver for the Profile. That was fun. Not. But necessary.

I think everyone knows when their own kid is mature enough to handle finances, but the shouldn’t really be handling their parents’ finances. And that’s what these forms are.

So…hopefully everyone can be involved…it’s a very big deal…and learn…and share some information…and maybe not all…and hopefully it will be easier for everyone their 2nd year.