When The Child Becomes The Parent

From the "Houston Chronicle"

Home Alone star Macaulay Culkin is willing to dip into his fortune to save his parents from the financial ruin brought about by a long-running custody battle. The 15-year-old actor, whose worth is estimated at $17 million, also has no interest in acting until his parents' squalling ends, said his lawyer. The actor's never-married parents, Christopher "Kit" Culkin, 51 and Patricia Brentrup, 40, have spent so much on their legal fight that they are near bankruptcy, the Daily News reported Monday. Macaulay is unable to focus on his career because of the custody battle involving him and his six siblings, his lawyer said. To help smooth things out, his lawyer and accountant have asked a judge to approve a bailout plan for the parents.

The Situation

It has been reported that Macaulay Culkin is going to court to ask for permission to withdraw money from his trust fund. His parents are running out of money, and he feels this is necessary to protect them from financial ruin.

At this point, the facts currently known become sketchy. According to Reuters, he needs at least $1.9 million dollars in order to buy a new and larger home for his family. His worth is currently estimated at between $13 million and $17 million. Note that CNBC recently estimated his worth at $60 million. The current estimates are now down more than 2/3 from what they were less than a year ago.

This is, unfortunately, a common occurrence. Parents can have funds removed from their working child's supposedly "safe" trust fund ... and all too frequently the "safe" funds are all but depleted before the child reaches majority. In this case we have a family where the children work and the parents are fed, clothed, and housed on the children's earnings. When the main earner (Macaulay) ceases to work, the family is faced with financial ruin.

The child has become the parent.

Our Position

Obviously, the family should not be thrown into the street, and the welfare of the other children in the home is of the utmost importance. At the same time, Macaulay should not become another child actor who turns 18 only to find that the money he earned no longer exists - as happened to Jackie Coogan. The family needs a home ... but should Macaulay have to buy his family a $1.9 million home? The following would seem proper:

1. If Macaulay is having to support the family out of his trust fund, then the family should adopt a reasonable and modest lifestyle. A $1.9 million home is excessive. Likewise, the four luxury apartments now held by them is excessive. To protect his trust fund, a less extravagant lifestyle should be mandated by the Court.
2. The days of his parents spending hundreds of thousands of dollars a year must end. If their income is coming from Macaulay's trust, then they should be placed on a reasonable limit.
3. The welfare of Macaulay's brothers and sisters must be assured. The parents, however, should be assumed to be responsible adults capable of earning an income. Let them demonstrate their ability to be parents and adults.

In considering our position, remember that the amount of money that Macaulay has in his trust fund is tenuous at best. There has been more than one child actor who reached majority only to find that all his earnings had been squandered by his parents. Macaulay has given up his childhood for his work; it would be a travesty if his future security were lost as well.