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Are your children financially dependent on you?
to buy his own flat and the parents overcame Going the legal way
the dilemma by giving the initial deposit for While this is an extreme case, parents must
their son’s flat, reasoning that if they didn’t do their due diligence before handing over a
support their son what would be family all large sum of money to their children. To secure
about. Eventually they sold their own flat and themselves, parents can also give the money as
bought two flats and lived next to each other. a loan which would be repayable over a period
They would look after their grandchildren and of time. If the sum you are offering your child as
the son and daughter-in-law would contribute to a loan is large, make sure that you draft a legal
the household expenses. It also provided a safety agreement, clearly defining the terms, including
net that if Ramesh or his wife were to pass away the purpose of the loan, exact amount being
there would be someone to look after them in offered, interest rate, time frame for repayment,
their old age. consequences in case of defaults, and any other
Yet another couple, who had two daughters. conditions you want outlined. Going the legal
One of the daughters was in a high paying job, way can help avoid future conflicts as it is a
lived away from the family. And the younger one contract that is signed by both parties which
was working with an NGO that helped destitute leaves no room for loopholes. A copy of the
women. The parents insisted that she lived contract should be maintained by both parties.
with them and not pay rent. They took care of This may seem overly formal but when it comes
providing for the daughter who lived separately to money matters, it’s best not to be swayed
and left the home to the younger daughter. For by emotions and approach it in a logical and
most Indian parents living with the children sensible manner.
is an accepted norm unless of course career
opportunities take the young away from the Cash Cow or Hoarder?
parents. Even the young parents in their sixties Letting your emotions govern your decision
fear loneliness and grandchildren do provide can sometimes be the catalysts in bad decision
grandparents with genuine love and affection. making. Experts reveal that when parents
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