ST. LOUIS - We may have joked that saving for your kid's college fund should begin before they are born, but how realistic is that?
Remember to take care of yourself first - your kids can always borrow for college but you can`t borrow for retirement. Put your own oxygen mask on first and then take care of your child. Most parents don`t realize that when their child turns 18 years of age, they are now treated as an adult in the eyes of the law. Three key documents parents of new college freshmen should consider:
- Healthcare power of attorney (for medical decisions)
- HIPAA authorization form (for authority to speak with healthcare providers)
- General durable power of attorney (for financial decisions)
One of the country's top financial advisors Diane Compardo discussed the advantage of putting money aside by using accounts like Missouri most 529 plan. She says one of the several benefits to utilizing a 529 plan is that it provides for tax-free growth and withdrawals for qualified education expenses.
For more information visit: www.monetagroup.com