With summer coming to an end, many are gearing back up for school. While it may be your children or grandchildren heading back, there are many estate planning choices to consider as you plan for your loved ones. This month, we’ll focus on things you can do to prepare for your college-aged kids, ways to incorporate college savings plans—such as 529 plans—into your estate planning and, as always, other helpful tips and information about estate planning.
If you’ve done some digging about what you’ll need to include in your estate plan, you may know that health care documents, such as a Power of Attorney, HIPAA release or Health Care Proxy, are a crucial part of any estate plan. However, did you know that as your kids head to college, they’ll need these documents as well? Without these in place, you may not have the legal right to speak with your child’s school regarding their grades or their doctors about their medical history or make heath care decisions on their behalf in the event of incapacity.
As is always the case in estate planning, a little preparation goes a long way. You and your child can work with an experienced estate planning attorney to prepare powers of attorney and health care documents that ensure you can be there for your child in a medical emergency.
Many of you also know that at Family Estate Planning Law Group, we highlight the importance of aligning your assets with your estate plan. For some, that includes planning for the financial burden of college. While there are many ways to plan to financially assist a child or grandchild with the cost of college, one increasingly common method is the 529 plan. However, incorporating these plans into your estate plan adds a level of complexity. You’ll want to ensure you work with an experienced estate planning attorney familiar with financial institutions’ idiosyncrasies and policies.
Stay tuned this month as we bring you more insights into estate planning. For more information on this and other estate planning topics, explore our website and contact us to schedule your consultation today!