Savings tips for 2021
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)
We suggest to parents that their children should complete a set of documents that include a healthcare proxy, HIPPA authorization, and durable power-of-attorney. If your child lives or goes to college out of state, make sure you understand the requirements of the state in which they reside, as some states require a specific form (Thanksgiving is around the corner, perfect timing!). These documents will allow you to make decisions on your child's behalf if needed. These forms should be put in place whether your children are in college or are young adults without a spouse or someone else to make decisions for them on their behalf.
Covid-19 has brought to the forefront the importance of the health and well being for us and our loved ones.
A few good resources which provide all these documents for a reasonable price are kinfo and Mama Bear Legal forms (both are under $100). They provide any state-specific templates and will instruct whether the form needs to be witnessed, notarized, or both. Obviously, your young adult will be signing the form and each of you should have originals in your possession.
Jenifer Aronson is the Founder of Mosaic Fi.