Estate Planning for Parents of College-Bound Kids

Before your child heads to college, make sure your estate plan is in place. Miguel Gonzalez, Certified Retirement Counselor, shares four key legal documents parents should have to protect their family's future.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.

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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Transcript

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

This week let’s look at some important documents that parents should include in their estate plans before their child's first year of college.

The first one is Healthcare Proxy

A Healthcare Proxy, often called a Healthcare Power of Attorney, is a crucial estate planning document. Suppose the parents were to become incapable due to illness or accident. In that case, this legal document allows a designated person make medical decisions on their behalf. Without a healthcare proxy in place, their college-age child may need to go through legal channels to be allowed to make vital healthcare decisions for incapacitated parents, resulting in delays during a potentially critical time.

2.      Durable Power of Attorney/Financial Power of Attorney

Next is the Durable Power of Attorney (POA), also known as a Financial Power of Attorney. This legal document gives a designated person control over someone else's financial and legal affairs if they cannot manage it themselves.. A financial POA can allow their college-age student to intervene and manage these matters seamlessly without any legal roadblocks, should the need arise.

3.      Advance Directives

While it may seem morbid to consider, it's important to discuss medical and end-of-life care even with college-age children. This legal document helps to avoid unnecessary suffering, mitigate confusion and disputes about treatment choices, and respect an individual's autonomy when receiving care.

4.      Last Will

Having a will is not just about distributing your assets after your death; it includes a range of aspects that can significantly influence the lives of your college-age children. Here are some reasons why parents should consider a last will.

Financial preservation

The first crucial reason to have a will is for financial preservation. Parents are often the primary providers for their college-age children. If something were to happen to the parents without a will, the distribution of their assets could become complicated and prolonged, leaving the children in a difficult financial situation. While this situation is typically considered for minors, it can also be relevant for young adults who are not yet fully self-sufficient and unable to pay for college or living expenses.

Uphold parental wishes and values.

Secondly, having a will can help uphold the parents' specific wishes and values. Clear instructions can help eliminate any potential disagreements or misunderstandings about intent. A will can establish an educational trust, enforce responsible financial behavior, and even give direction about personal belongings and mementos.

Teach the importance of planning.

Last, creating a will can teach your college-age children an important life lesson about the importance of future planning. By involving them in this process, they can get firsthand experience about how to manage their affairs when they become independent.

In conclusion, ensuring legal safeguards should be on every parent's checklist and part of their estate plan before their children leave for college. Consulting with financial and legal professionals specializing in estate planning can provide comprehensive guidance on appropriately including your college-age children. Remember, proper planning today ensures financial independence for tomorrow.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.