Help Protect Your College Kids with These Documents While Their Brains are Still Developing

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As your child gears up for college, things change. They have gone from being a minor and not able to sign contracts to becoming an adult. Once your adult child turns 18, you as parents do not have rights to ANY of their finances, healthcare information, or school records. You may be getting the parent spider-sense that your kid may not be doing well in class but if you were to call the school to check their grades you would be denied access. If your kid got into a car accident, was unconscious, and you went to the hospital and needed information from the nurse, you would again be denied information. There are certain documents that make the transition to adulthood easier for you and your kids.

In this episode of Blue Chip Now, hosts Daniel Dusina, CFA, Matt Mondoux, CFA, CMT, CFP®, and Dan Seder, CFA, CMT, CFP® are joined by special guest Robert Steinberg, JD, CPA, CFP®to explore essential legal documents every parent should consider as their children transition into adulthood and head off to college. The discussion covers the importance of having a power of attorney, HIPAA releases, and other vital documents to ensure parents can continue supporting their young adult children in emergencies and other critical situations. Discover how these preparations can provide peace of mind during significant change.

Visit the Blue Chip Estate Planning, PLLC website for more information on how taking the simple step of getting a few documents in place before your kids go to college can give you peace of mind. https://www.bluechipestateplanning.com/young-adult-package

Watch this educational video on The Family Educational Rights and Privacy Act (FERPA) here

Key Points From This Episode:

[00:00:41] Overview of market trends and the shift to a discussion on legal preparations for young adults.

[00:01:24] Introduction to the Family Educational Rights and Privacy Act (FERPA) and its impact on parental rights.

[00:02:22] The importance of having a power of attorney for financial and healthcare matters for college-aged children.

[00:05:00] Explanation of the HIPAA release form and its role in enabling parents to access their children's medical information.

[00:08:57] Discussion on the continued relevance of these legal documents for unmarried adult children beyond age 25.

[00:10:45] Cost and timing considerations for setting up a "Young Adult Package" of legal documents.

[00:12:24] Final thoughts on the importance of proactively preparing these documents.

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There have been new law changes and let’s face it, life happens. If you need to update your estate plan we have you covered with our white-glove service at Blue Chip Estate Planning, PLLC. Contact Kimberly Crank Browning at [e-mail] or call the office 248-873-3244 for more information on Blue Chip Estate Planning, PLLC.

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Need to update your estate plan? www.BlueChipEstateplanning.com Blue Chip Estate Planning, PLLC is a law firm established to provide estate planning services to clients of Blue Chip Partners, LLC, their families, and other residents of the State of Michigan. Blue Chip Estate Planning is related through common ownership and control to Blue Chip Partners. Services by Blue Chip Estate Planning are separate and distinct from any agreement with Blue Chip Partners. For more information, call Kimberly Browning at 248-873-3244.