For the past several weeks we’ve been talking about what you can do in terms of estate planning for your minor children (guardianship, asset management, life insurance, retirement plans), but your children don’t stop being your children when they go away to college. There’s no doubt about it; sending your college-age child off to school can be an emotional experience, especially the first year. It might be even harder than when you watched them get on the bus on the first day of kindergarten. As always, you want to know they are safe. But your college-age children are now 18 and so they are considered adults in the eyes of the law.
That’s right. Even though you might be shelling out a ton of money over the next four years for their education, you are no longer considered the legal guardian of your newly adult children. That’s why it’s important for you and your college-age children to know what you can do to make sure they are protected when they are away at school.
Here are THREE things you and your college-age children can do to make sure they are protected:
- Have them designate you as durable power of attorney, which gives you power over their financial matters, if they become incapacitated.
- Have them designate you as their health-care proxy, which means you can make health-care decisions on behalf of your children if they are incapable to make their own decisions.
- Have them sign a HIPAA release, so that if they hurt or incapacitated while they are at college, you will have access to their medical records to help. You can get a release form from your medical provider or download one here HIPAA release form.
You can learn more about how best to plan for your family by contacting us to schedule a Family Wealth Planning Session, where we can identify the best strategies for you and your family. This month we have a special offer: Be one of the first FIVE to schedule a Family Wealth Planning Session in September and we’ll waive our regular $750 planning session fee.