In this episode, Suzanne Porske, Mark Farquhar, and Rachelle Harp discuss important topics related to sending a child off to college. They cover subjects such as establishing a durable power of attorney, healthcare directives, budgeting, taxes, insurance, and estate planning. They emphasize the importance of being financially organized and prepared for the future.


Takeaways

• Establish a durable power of attorney and healthcare directives for your child before they go off to college
• Create a budget and teach your child about financial responsibility.
• Consider the tax implications of sending a child to college and take advantage of education credits.
• Ensure your child has health insurance and consider renters insurance and car insurance discounts.
• Plan for the future by setting up life insurance policies for yourself and your child.
• Stay organized and keep important documents and financial information in one place.
• Consider gifting money to your child and take advantage of tax-free gift limits.
• Understand the different types of life insurance policies and choose the one that best suits your needs.
• Be aware of the limitations and exclusions of accidental death and dismemberment policies.
• Review your mortgage insurance policy and consider alternative options.

Sound Bites

• "Establishing a durable power of attorney for your now adult child."
• "Medical directives, I cannot stress this enough."
• "Teaching your child about budgeting and financial responsibility."

Chapters
00:00Introduction and Weekend Recap
03:56Preparing Your Child for College: Legal Considerations
07:21Budgeting and Tax Planning for College Expenses
12:29Insurance and Estate Planning for College Students
19:09The Importance of Financial Organization
23:43Life Insurance: Protecting Your Family's Future
26:53Understanding Different Types of Life Insurance Policies
30:32Avoiding Pitfalls: Accidental Death and Dismemberment Policies
34:53Maximizing Tax Benefits: Education Credits and Gift Tax Exemptions
37:44Planning for the Future: Estate Planning and Trusts