It is that time of year again where you start 

thinking about getting the kids back to school. Many of our clients have recent grads that are heading off to college for the first time!! This is a very exciting time for the family and we wish you all the best of luck. We also have a couple tidbits of advice for things that may not be front of mind.  Over the  past many years you have been

 able to sit at the dinner table and chat about what's going on in your kids' lives and you probably had a decent finger on the pulse of their coming and going.  If something happened to them, you'd get a call and would be able to help make decisions for them. Once your child turns 18, you no longer have that right to make decisions for your child whether it be healthcare or financial.   We highly recommend our parents write up a Health Care Directive and Power of Attorney for their kids. This enables the parent to help make decisions should their child come into a car accident, health issues or issues with the college. Without this directive, the parents really are cutting the proverbial cord and have very little control over decisions for their kids. Some may agree that they are fine with this, others may want to see their attorneys right away. After all, the frontal cortex of the brain (which is where we make logical decisions) does not develop fully until about the age of 25. Perhaps our kids could use a little advice from Mom and Dad still. J  

Also attached to this newsletter is a guide to drawing down your 529 savings accounts. We spend so much time talking about how we can save to these accounts that often times we don't thin k through what we can and cannot spend the withdrawals on.  For example, did you know that a computer is only a qualified expense if it is required by the institution?  Please feel free to review the short article and call us with questions. We are here to help you with all of your financial needs.