Many of our clients have college age/young adult children over 18. Even though that might not be the milestone they are most excited about (like the one that comes 3 years later!), it is a major milestone in the eyes of the law. At that point our government considers them adults. They can now:
+Join the Military (men have to register for selective service)
+Manage their own money
+Serve on a jury
+Sign a contract
On the other hand, parents are no longer able to:
-Access their medical information
-Make health care decisions
-Access their financial accounts (unless you have joint ownership)
-Access their school records (even though you may be paying)
It is easy to get caught up in life and lose sight of the details. We live busy lives. Whether you are raising a family or approaching retirement, one can unintentionally veer off-track. Often it is our financial health that can suffer.
When the unexpected happens (which it often does) the impact can feel devastating. Having a strong balance sheet can soften the blow. Our personal balance sheet is a barometer of our financial strength and it also provides very important clues about risk and financial vulnerability.
Jenifer Aronson is the Founder of Mosaic Fi.