Once children turn 18, parents no longer have automatic access to their medical or financial records. As we always try to advise, get ahead of your planning before an emergency occurs. Here are some document recommendations for your college children.
HIPAA release form – This allows important medical information to be shared with parents.
Healthcare power of attorney – This allows parents, or other trusted individuals, to make medical decisions if the young adult is unable.
Durable power of attorney for finances – This allows the student to appoint their parents to handle financial matters on their behalf.
Health insurance – Typically, students stay on their parents health insurance plans and opt out of the university’s. If this isn’t the case and the young adult is utilizing the school’s insurance plan, parents can gain access to the plan to see billing and coverage information.
FERPA waiver – These are available through the college or university. This permits the student to select what kinds of information they want to share with parents such as grades and disciplinary records.
If you are interested in a specific discussion or a referral to assist in these documents, do not hesitate to let us know.
This material is provided by Gryphon Financial Partners, LLC (“Gryphon”) for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Facts presented have been obtained from sources believed to be reliable. Gryphon, however, cannot guarantee the accuracy or completeness of such information. Gryphon does not provide tax, accounting or legal advice, and nothing contained in these materials should be taken as tax, accounting or legal advice. Individuals should seek such advice based on their own particular circumstances from a qualified tax, accounting or legal advisor.