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What Issues Do I Need To Consider As My Child Becomes Independent?

Category:
General, Life Events
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Many clients wonder how their own finances will change as their children become independent. Where do parents draw the line with their children? What level of involvement and/or support should the parents maintain with their children? What are some planning points that parents need to be aware of, and how can they make smart decisions that benefit themselves and their children? That’s where you step in.

With your guidance, clients will have a better idea of what steps they can take now, and in the future, to help keep themselves on track for personal and financial success as their children become independent.

This checklist covers key issues a parent must consider as their children become independent, such as:

  • Maintaining access to their child’s important health, financial, and academic information.
  • Understanding how their financial goals may change (or need to be revisited) once their child leaves the house and becomes independent.
  • Determining the extent to which their child will remain commingled with their finances as they become independent (e.g., taxes, health insurance, auto insurance, gifting, etc.).
  • Evaluating the level of risk/liability their child may pose to their own finances.

 

Updated 3/21/2023


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