Can you contract with adult child for share of future earnings in exchange for tuition assistance?
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Anonymous
| That's my question. Say, an adult child wants tuition assistance. Can I as a parent make a legal contract to provide the assistance in exchange for a share of his future earnings? |
Anonymous
| Seriously? |
Anonymous
| What parent would do this?! |
Anonymous
| Say yes and do it or say no because you're not comfortable with it. Given that you're considering it, you already don't trust the kid's judgment. Say no. |
Anonymous
| Sounds like it could get messy. If the kid doesn't honor the contract are you going to take them to court? That won't end well. |
Anonymous
Good point. Do an informal family written contract that you can point to. But don't lend it unless you are willing to give it and never see it again. |
Anonymous
|
Of course.
You could do an interest free loan that doesn't have to be repaid until they are employed. Not mean at all. An intermediate between paying for everything and contributing nothing. |
Anonymous
| Probably - I read that venture capitalists are doing this for bright entrepreneurial computer science majors. |
Anonymous
|
[quote=Anonymous]Say yes and do it or say no because you're not comfortable with it. Given that you're considering it, you already don't trust the kid's judgment. Say no. [/quote]
I don't this this is about the kid's judgement - it's a bet that the kid does well and the parent-investor makes a gain on the investment. |
Anonymous
| Interesting idea. Not sure I'd have the guts to do this. |
Anonymous
| Is this for college or grad school ? |
Anonymous
| How old of an adult? 18 or 35? It makes a difference. |
Anonymous
|
Anonymous
| I don't get the outrage. If my son was accepted at Virginia Tech, but wanted to attend Tulane instead, fine but I'm not paying the $20k delta. |
Anonymous
| There are websites that let you do this (or variations thereof). Take a look at upstart for instance. |