- Farrall Wealth Process
- Products and solutions
- Client Login
Kids going to college? Go get these documents!Submitted by Farrall Wealth on August 9th, 2017
Kid going to college? Go get these documents!
Congratulations! Your awesome son or daughter is now starting a new path. You might be sentimental while they are packing the hatchback or truck as fast as they can.
They have done the work to be accepted into a very important club that will help them for the rest of their lives. You have done the work having planned and saved and applied for scholarships, filled out FAFSA forms https://fafsa.ed.gov/ and endless applications.
Before they pull out of the driveway, however, you both still have some work to do.
You may be paying your child’s college tuition and expenses, and covering him or her on your health insurance. But in the eyes of the law, your 18-year-old is legally an adult and entitled to the same privacy protections that you are. This means that even though your child may be relying on you for the majority of his or her support, privacy laws prohibit financial institutions and medical providers from disclosing private information concerning your child to you without his or her authorization.
Visits to the clinic or hospital are one thing but what if there is a serious emergency? What if you need to talk with your son or daughter and they are unconscious?
Without three important documents, you may not be able to step in when your child needs you most. You should encourage your college student to get the following documents before heading off to school:
HIPAA (the Health Insurance Portability and Accountability Act of 1996) requires health care providers and insurance companies to protect the privacy of patient’s health care information. Those who violate HIPAA are subject to civil and criminal penalties, including jail time, which makes them reluctant to share protected health information without an authorization. By signing a HIPPA release your child can authorize doctors to share diagnoses and treatment options with you.
Durable Power of Attorney:
The Durable Power of Attorney will allow your child to authorize you to manage his financial affairs either immediately or in the future should he become mentally or physically unable to do so.
Medical Power of Attorney:
The Medical Power of Attorney allows your child to authorize you to make medical decisions if he or she is incapacitated and unable to do so. An agent acting under a Medical Power of Attorney is authorized to see the principal’s medical records to make informed medical decisions on his or her behalf.
These three documents are easy to prepare and are relatively inexpensive. They will need to be notarized, so start planning. If you have a child heading off to college this year, it is important that you discuss the importance of these documents with him or her.
Here is how we can help. We are not attorneys and do not play them on TV. We recommend you discuss these documents with your family attorney or an attorney you trust. However, we do know good lawyers you should contact to protect against the unthinkable. Call us to discuss or call an attorney or friend we know who specializes in this field. We like to suggest lawyer and our friend, RG Scadberg at 219-230-3600 or firstname.lastname@example.org. He has a great blog post for more information here:
And he has a one time offer here: http://askrgnow.com/key-document-package-for-college-aged-child/
Disclaimer: We do not benefit in any way from our recommendations other than just adding value to you and your family.
Good luck and congratulations to your future college graduate! Talk soon!
Securities offered through LPL Financial, Member FINRA/SIPC. RG Scadberg and services offered are not affiliated with LPL Financial.