Friday, August 5, 2016

Estate Planning for College Bound Children

If your child is not 18 yet, they will be soon. At that point, they are no longer a minor under your control. They are a legally independent and afforded all rights associated with achieving the age of majority – including a right to privacy and protection of assets. This can sometimes create a headache for parents wanting to provide and manage funds for the new student. Parents often want to help their children while allowing the child to have more independence. With a durable power of attorney (DPOA) you can provide funds to your child and manage those funds without owning the account. A DPOA is a legal document that gives a person the power to act in your place. In the case of a child in college, it allows a parent to set up an account in a child’s name, allow the child to be responsible for the account and begin to create a credit history

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