Many clients wonder how their own finances will change as their children become independent young adults.
Where do parents draw the financial line with their children? What steps can parents take now, and in the future, to help keep themselves on track for personal and financial success as their children become independent young adults?
Our friends at fpPathfinder, a financial planning research organization, have put together a checklist (lick on the picture to enlarge and download) to ensure that you’re addressing critical planning concerns during your child’s transition into adulthood.
Topics on the ‘Path to Independence’ checklist include:
- Do you have access to your child’s important records?
- Is your child still able to be on your health insurance?
- Are you planning to help your child with large upcoming expenses?
- Do you need to review your taxes might change once your child becomes independent?
- Are you concerned that your child is (or will be) fiscally irresponsible?
- Are you concerned about your child’s actions or behaviors causing future liability issues for you?
- Do you need to review your budget and expenses once your child leaves the house?
You can click on this link or on the image below to download the two-page checklist.
-RK
