What Issues to consider before/after my child turns 18, after graduation, etc.?
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Issues like them having DPOA, health care directives and documents to allow doctors to talk to them. Insurance, taxes etc.
Planned Suggested by: Liz Cauble • Upvoted: 15 Mar • Comments: 14
Bonnie A Sewell Merged
Not understood well by clients and they need this information long before they start setting up kid and grandkid accounts.
Great if you could also address the need for renters insurance and also begin Credit Score management!
Shannon Moenkhaus Merged
This could be merged with what to consider when your child turns age 18!
Chelsea Ransom-Cooper Merged
I would also do a side by side comparison of a custodial IRA, UTMA, and 529 to understand the different options parents have for their kids
James Carlson Merged
I'd piggyback 529 plans as an account to include for this pro/con analysis.
"Legal Documents for Child Going Off to College" (suggested by Ed Jastrem on 2021-06-09), including upvotes (4) and comments (1), was merged into this suggestion. Original language from this merged suggestion: "A list of disability, healthcare, and other formal releases that may be part of planning for a child who is 18 or over going off to college - for parents to be able to access critical records and receive information to make important decisions.
Also, questions to ask of the college regarding certain policies and insurance related inquiries, for property or liability issues for the actions of the "child."
- https://mbakerlaw.com/estate-planning-tips-kids-heading-off-college/ "
"What Issues Should I Consider When My Child Graduates From College?" (suggested by James Hindes on 2021-07-10), including upvotes (2) and comments (0), was merged into this suggestion.
"Pros and cons of custodial accounts (UTMA/UGMA)" (suggested by Sophie Leahy on 2021-03-23), including upvotes (8) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Tax implications for child and parents.
Impact on financial aid calculations for college."
"Kiddie Tax" (suggested by Mike Graziano on 2019-07-22), including upvotes (10) and comments (1), was merged into this suggestion.
"529 plan vs. custodial account" (suggested by Anika on 2021-12-14), including upvotes (1) and comments (0), was merged into this suggestion.
"What issues should I consider when evaluating private vs public school for K-12?" (suggested by James Hindes on 2022-06-30), including upvotes (1) and comments (0), was merged into this suggestion.
"Recent Graduate" (suggested by Andy Smith on 2022-06-30), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "What financial areas should a recent college graduate be thinking about? Life Insurance, contributions to retirement, budget, cash savings, etc."
In the event it has not already been mentioned, when a child reaches age 18, while the parents are probably still paying for all the medical bills, medical professionals will not talk to you about the child or the child's care without a medical POA and HIPPA release. Many don't think it will be an issue until they have a kid attending college out of state who becomes seriously ill (COVID.....) or injured.
"Tips for Raising Children to Have Financial Know-How" (suggested by Ed Jastrem on 2022-07-18), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Start even earlier than you think
- Keep it age appropriate
- Use Anecdotes when possible
- Use numbers even if you are math-phobic
- Don’t lie about your financial past, but also be wary of oversharing
- Don’t lie to your children about money
- Talk as partners to your children about money
- Don’t bring up any of the bad habits you have picked up through the years from your past
- Do not fight about money in front on your children and absolutely do not bring them into it
- Don’t expect your children to gain financial skills if you give them everything they ask for
- Be aware of inherent gender bias when talking to boys or girls
- Don’t try to keep up with peers as your children will likely follow in your footsteps
- Pick the correct time and place