Sending Kids Off to College Means Big Changes for Parents

August 1, 2014
Law Offices of Debbie J. Cunningham

It’s that time of year when high school graduates are packing for college and getting ready to start an exciting new chapter in their lives. Many parents will also experience a new state of life – that of the Empty Nester. There are many changes when your kids move out: Your grocery bills go down, your house is cleaner and quieter and you have more time to spend with your spouse and friends.

Another big change might be your finances. College tuition is expensive and many parents take out loans or work more hours to help cover the cost; some even dip into retirement savings. If your Empty Nest includes significant changes in your financial situation or your way of life, it’s important to make sure your estate plan is updated to reflect those changes in lifestyle or income.

If there’s one thing we learn as parents, it’s how fast time goes by. If it seems like just yesterday that your college student was starting kindergarten, you can be sure the next twenty years will go by in a flash too. Plan ahead now to be prepared for what the future holds. Just because your kids are out of the house doesn’t mean you stop investing in their future.
Make sure you have these key documents in place to safeguard the future for your whole family.

Don’t forget that once your child turns 18, he or shoe is now an adult. It would be wise to ensure they have proper legal documents in place that give you the legal rights to help in case of an emergency. The three important documents they should have are Medical Power of Attorney, HIPAA Release and General Power of Attorney.

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Law Offices of Debbie J. Cunningham

Debbie Cunningham is an Irving attorney providing affordable estate planning to the Dallas/ Fort-Worth areas. She understands the steps you should take to protect yourself and your loved ones. Debbie is family-focused and wants to ensure her clients are fully informed on the options that are available for their families. Debbie’s own blended family has given her valuable insights into the complexities of family dynamics.

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