Monday, April 24, 2006

Voluntary Support of Adult Children Becoming Routine?

"At 23, Jason McGuinness lives a postcollege life in Manhattan that is very nearly typical. He works as a media research analyst, making about $30,000 a year. Sharing a two-bedroom apartment on the fourth floor of a walk-up building with a roommate on the Upper East Side, his portion of the rent is $1,100 monthly. . . . And like many of his peers — educated, employed, urban-dwelling young adults — he receives monthly assistance from his parents, in the form of a $300 check and the payment of his cellphone bill.

This is not the largesse of wealthy families doled out through trust funds. Nor is the money a couple of $20 bills tucked into a card at the holidays. Mr. McGuinness and others like him are the beneficiaries of an increasingly common subsidy arriving regularly from Mom and Dad, something like a family fellowship. It helps to pay for housing, bills and travel expenses, and the support has been increasing for the past two decades as education is extended, marriage is delayed and young people take the scenic route from adolescence to adulthood." By Anna Bahney,New York Times Link to Article (last visited 4-23-06 NVS)

http://lawprofessors.typepad.com/family_law/2006/04/voluntary_suppo.html

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