But if your adult child comes asking for financial support to start a business, is it finally time to say no? Also on Forbes:The First StepHere’s advice about various ways to assist your child in getting a business off the ground while prioritizing your own finances:Before discussing giving your child money for a new business, first evaluate the business plan to see if it’s worthy of financial support. Based on current tax law parents can give a child up to $30,000 a year ($15,000 per parent) without owing a gift tax. Anything over that amount is subject to a gift tax rate of 40% — a hefty sum for any parent to endure. In fact, many times grown kids are simply looking for ongoing business counsel, because they value your experience and expertise.

Source: Forbes August 20, 2018 16:52 UTC