College Send Off: The Tool You Need to Stay Informed
Summer feels like it just started, and back-to-school is already around the corner. Whether you are dropping off your fifth child for the first time at college – or your first child for the fifth time – you’re ready for this. You made good decisions along the way and tackled a lot:
- Filled out your FAFSA? Check.
- Utilized a 529 plan? Check.
- Shared the Netflix password? Check.
- Got permission to see their grades? …
Your son or daughter will still be claimed as a dependent. Submit your information on their FAFSA. Spend the money you put into a 529 plan and get coverage from your health insurance. Seems a bit unfair that the college or university can’t simply send you a report card – even if you try asking nicely.
They Grow Up So Fast
Your college student is now an adult, legally speaking. Once they turn 18, the school cannot provide, share, or discuss information without the student’s consent. There is nothing they can do for you.
Here’s the thing, neither can doctors.
In the event of an accident, mental health concern, or any other emergency, no medical professional will be able to discuss your child’s condition without a document that says otherwise.
Power of Attorney
We always suggest our clients talk to their children about executing Power of Attorney forms. There is a Power of Attorney for Health Care and a Power of Attorney for Property. When named as the ‘agent’ in these legal documents, your child gives you the ability to be provided information, make decisions, and act on their behalf if they are unable to themselves.
Accidents happen. Injuries occur. In the event of an emergency, you’ll want to be informed. It only takes a signature. Check with your BDF team to have us walk you through what else you need to know and where to start.
Josh Larson is an Advisor at BDF and sits on the firm’s Financial Planning Committee, which is responsible for educating the BDF team on financial planning topics and improving the team’s processes to ensure each client benefits from proactive, best in class financial advice. He studied at Aurora University and earned degrees in Accounting and Business & Commerce. Josh is a CERTIFIED FINANCIAL PLANNER™ professional.