How will your own finances change as your children become independent. Where do parents draw the line with their children? What level of involvement and/or support should parents maintain with their children? What are some planning points that you as parents need to be aware of, and how can you make smart decisions that benefit you and your children?
With our financial guidance, you will have a better idea of what steps you can take now, and in the future, to help keep yourself on track for personal and financial success as your children become independent.
A few of the key issues we will take into account when we meet include:
- Maintaining access to your child’s important health, financial, and academic information.
- Understanding how your financial goals may change (or need to be revisited) once your child leaves the house and becomes independent.
- Determining the extent to which your child will remain commingled with your finances as they become independent (e.g., taxes, health insurance, auto insurance, gifting, etc.).
- Evaluating the level of risk/liability your child may pose to your own finances.
Reach out today so we can talk. I look forward to working through these issues and more with you.