Welcome to Straight Talk. We at Legacy Legal and Family Legacy Trainings appreciate your enjoyment of our weekly insights on the relationship between estate planning, tax law, financial matters and human dynamics. As we approach the holiday season we wish you a Happy Holiday and a joyous and safe New Year. Given the timing of the holidays we will be taking a two week break in bringing you Straight Talk and will be back in the New Year with more exciting content. By then we should have an answer on the fiscal cliff and the look of our new estate and tax laws so this will be very timely.
Today, I will talk about an area that most people don’t think about and yet can be devastating in its impact.
All the bags are packed and your baby is heading off to college. (When did they grow up so fast?) In the back of your mind you keep thinking there is one thing. One nagging thing that you can’t quite seem to place your finger on that you just seem to be forgetting. You know it’s important and you have gone over the list again and again.
The one thing parents forget to pack for their children going off to college is the power of attorney for health care and power of attorney for financial matters. You are kidding right? Why would I need that? That’s for adults planning their wills and trusts.
Your college bound student is an adult. 18 years of age and ready to conquer the world. I know what you are thinking. Adults? Really? We had two of them, twins. But if the unthinkable happens and your child gets injured, when you call the health care clinic or the hospital or the doctor’s office to find out information you will get nothing. I am sorry, but I can’t release any information on how your child is doing. Unthinkable. What you say? You have to be kidding. I am his or her parent. The answer. I am sorry but the federal laws prevent me from giving you any information.
Our son was in Colorado and had to go to the emergency room. When I called to inquire about his condition, the response I received was I can’t give you any information other than to tell you he is fine. The good news is we had a power of attorney and we would have used it if the situation required it.
A little protection against a lot of risk and it’s all complimentary. That’s our College For Free Program. We are passionate about protecting our children from the unthinkable and this is our way of giving back to the community.
Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in changing the way they think and talk about wealth in money, values, beliefs and traditions. Unite, align and nurture to preserve and protect wealth and leave each generation more abundance and clarity year round. Legacy. What is your Legacy?We welcome you to share your ideas and thoughts.