Stevens Firm March 2018

Parenting Your Adult Child

TREAT YOUR ADULT LIKE AN ADULT No adult wants to feel treated like a child. They need a support system, but they don’t need help with their homework anymore. Give them space and let them feel free to explore adult life. Don’t tell them what to do. Offer guidance only when it’s wanted. Be open with them about your mistakes so they can learn from your experiences as well as their own. LISTEN, LISTEN, LISTEN You can’t correct every parenting mistake you’ll ever make. If you find yourself trying to correct mistakes you made years ago, stop. You can accomplish much more by listening to your adult child now than you can by trying to right your past wrongs. Parenting young children involves a lot of talking. Now that they are older, take time to listen. LOVE THEM Just because your child isn’t under your roof anymore doesn’t mean they don’t need love. Love from a spouse or a child of their own will never fully replace a parent’s love. Let your child know you always have their back. Be proud of them and their accomplishments as an adult. Your love and support means just as much now as it did when you were raising them.

When your child packs their bags and strikes out on their own, your parenting journey isn’t over. It’s just different. Regardless of their age, distance from home, or stage of life, your child still needs a parent. You may not be changing diapers or teaching them to drive, but your child still needs your support. Here are three guidelines that will help you make the transition from parenting a child to parenting an adult.

Parenting an adult is an exciting adventure. Remember, while your relationship will change throughout the years, your child will never stop needing your love and support. How Will the New Tax Laws Affect You? The new tax laws will impact many Americans who are facing important

5. Before tax reform, few estates were subject to the estate tax, which applies to the transfer of property after someone dies. Now, estate tax applies to fewer people. The amount of money exempt from this tax, which was previously set at $5.49 million for individuals and $10.98 million for married couples, has been doubled. Keep in mind that none of these new regulations will affect your 2017 taxes. These laws will only be applied to 2018 taxes. The new tax bill is daunting, and it may be difficult to know how it’ll affect your life. If you have any questions, please feel free to call The Stevens Firm for more information.

decisions. Will you buy a home this year? Are you going to send your kids to school? Will you postpone your divorce? This is not a comprehensive list, but here are some of the changes you need to be aware of once this bill becomes law. 1. There are still seven income-based tax brackets, but the rates have changed. The new rates are 10, 12, 22, 24, 32, 35, and 37 percent. You can find out your bracket at new-2018-tax-brackets. 2. The standard deduction has increased. For single filers, the standard deduction has increased from $6,350 to $12,000, and for married couples filing jointly, it’s increased from $12,700 to $24,000. 3. The child tax credit has doubled to $2,000 for children under 17, and it’s now available to more people in full. The entire credit can be claimed by single parents who make up to $200,000 and married couples who make up to $400,000. 4. Alimony payments are no longer deductible for the person who writes the checks. This provision will apply to couples who sign divorce or separation paperwork after Dec. 31 of this year.


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