Supporting Children when financial condition changes

amother

Mustard

Tue, Jan 26 2016, 2:39 pm

The Canadian Dollar has gone down significantly. When we originally committed to x amount of dollars the dollar was at par. Should we be changing the amount of money we send to children in Lakewood. I know their expenses haven't changed. But should we be sending 30% more?

Does anyone have experience with this or similar situations such as changes in finances? Lost job? Needs of other children?

I'm curious what other have done and any advice?

naturalmom5

Tue, Jan 26 2016, 2:47 pm

If you want to gift your children , by all means give them 59% more, 100% more 200% more

If its just a written agreement, then if its American dollars, you owe American $
What's the ?

If there is no written stipulation then just give Canadian, it is what it is

amother

Dodgerblue

Tue, Jan 26 2016, 3:27 pm

I work in financial services and my colleagues think that the Canadian dollar is going to slide further.

Assuming that you have more money than just month to month, is there any way that you can open a US bank account and stock it with US dollars now, and then use that to send money to the kids?

Alternatively, if you speak to a financial advisor there you might be able to lock in an exchange rate for future cash flows. It's a sophisticated vehicle and you pay a premium for this, but if your support is going to be long term then it might be worth it.

gittelchana

Tue, Jan 26 2016, 5:38 pm

amother wrote:

In the olden days of the Shtetel, when life was all rosy.....

This was a classic reason for in laws to renege on their promise of Kest (for those who even got such a promise....) When the FIL lost all his money or any other circumstance arose that made them unable to continue their agreement, they stopped paying or slowed down.

You don't owe them any money. You agreed to pay for their expenses based on certain abilities. Now you don't have those abilities. The point was always to have a part in their study of Torah. The point was never for you to go bankrupt doing so.

sourstix

Tue, Jan 26 2016, 6:36 pm

yes I just feel bad for the couple cause they rely on it. its scary when you are dependant. I dont do this. but I can understand it. not saying op has to go into debt.