High school graduation is an exciting and busy time for families. The summer before college is an ideal time to help prepare our young adults for college and help with their financial literacy and responsibility. Some documents and preparation tips are below.
A HIPAA Release Form gives healthcare providers permission to talk and share medical information about the college student to the parents.
While students can typically stay on their parent’s Health Insurance Plan until they are 26 years old, some families may choose to purchase a school’s insurance plan instead. If so, parents may want to consider getting access to the plan if they want information on coverage and billing.
A Healthcare Power of Attorney gives parents the legal authority to make important decisions about the student’s medical care. Examples are treatment options, surgery, medication, etc.
A Living Will allows parents to act on behalf of their child in the case of a medical crisis. It can cover decisions about pain management and organ donation.
A Financial Power of Attorney designates parents to perform duties such as managing bank accounts, paying rent, paying bills to avoid late fees, and taking care of finances.
If the young adult has assets, it is recommended to have a Last Will and Testament once he or she turns 18 years of age.
The Family Educational Rights and Privacy Act (FERPA) protects student confidentiality by placing certain restrictions on the disclosure of information contained in a student’s education records. With the student completing the university’s FERPA Waiver Form, the university will provide education records and disciplinary records to the parents as indicated.
Documents your child should have with them are drivers license, passport, copy of birth certificate, copy of social security card, medical insurance card, and auto insurance card if bringing a car.
Providing a debit card or secured credit card is a good way for them to have supervised access to spending. This is an ideal time to talk about budgets, establishing good credit, and financial responsibility.
As always do not hesitate to contact us if you would like to talk specifically.
Disclosures:
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.